Brooklynian

Here's what it looked like before they painted it white:

Here's what the entrance looks like, once it became white:

The google streetview feature gives readers an idea of the size of this site (It's huge!)

<small>View Larger Map</small>

His is a big firm.

...it has shown that it can consistently create building designs which keep costs low, and attract renters and buyers whom are willing and able to pay top dollar.

Buildings are not created based on what people living in the neighborhood want, or what they think "looks good"; Buildings are created on the basis of what is believed to bring investors and other stakeholders the greatest ROI.

His firm delivers.

The rendering looks nice, though: http://therealdeal.com/blog/2013/12/18/prospect-park-unveils-74m-lakeside-skating-complex-737-park-avenue-signs-25m-deal-and-sets-niche-condo-record-and-more/

rendering linked by nothinlike

As of Dec 19th, the DOB has not yet issued a demolition permit.

Yes, and it will likely cause the residents of Lincoln Place to be upset because it will obstruct light and views that they presently have.

Meanwhile, the owners of Franklin Park and The Classon are likely psych'd.

Eastbloc, why is it worth it?

If the city's economy stays on its present track, I suspect the residents of this new building will be pretty typical of the area in terms of income.

The surrounding buildings and amenities are already being upgraded.

...I don't foresee this future building as being an "Island of Wealth"

For the heck of it, lets ignore all of the jobs created by the actual construction and the impact of the residents spending.

That said, I expect the completed new building will employ more people that the present garage.

I think it is reasonable to expect this building to be ready for occupancy in the Spring of 2016.