505 St. Marks. Compare supermarket brings in the builders!?

Another floor this week. Now taller than its building on its left.

They have been busy:

Based on the above rendering, it looks like the next two floors are set back from the others at the far left and right of the building.      But we still have 2 more stories of height to go.

I believe they only have one more floor to pour.

It didn't get a picture today, but it appears that the building has now reached its terminal height.   

(just add another floor to the above photo)

If one looks very closely, one can already see the beginnings of plumbing and electrical work on the lower floors. 

One should note that this building is being developed by the same firm (Realty Within Reach) that is constructing the large apartment building at 1515 Bedford, the site of the former theater/church:

http://www.brooklynian.com/discussion/26049/big-building-on-northeast-corner-of-lincoln-pl-and-bedford

Apartments available in Spring 2015?

Cement work is now complete. Studs for the partition walls for floors 1 - 4 are visible. Electricians and plumbing contractors are now on site.

They have enclosed the building to the degree that they can continue to work in all weather.       We might see listings in May.

We are now seeing the styrofoam layer go on the facade. Rough plumbing and electrical is believed to be finished.

I'm curious what people think of the new building?

Personally, I think it's out of scale for the block and not attractive at all.

This is certainly not my favorite new building going up in the area.

I do think the building being planned for Dean and Franklin will be more attractive, and provide nicer, more expensive units.

It will likely be in place by 2018.

http://www.brooklynian.com/discussion/45145/the-part-of-the-old-brewery-that-is-becoming-a-huge-complex-franklin-dean#Item_40

I'm not a fan of the aesthetics. However, it's not like that block had much going for it in the first place.

The massing isn't half-bad. Definitely better than the 1970s nurses' dorm type thing next door.We'll see how the facade materials look. Hopefully better than that grimy formerly-white 3-year-old building across the shuttle tracks, or Doctor Butt's vandalized tenement.  

Just confirming..this is going to be rentals, correct?

Yup. 128 of 'em.

All Market rate.

press:  http://ny.curbed.com/archives/2015/04/27/newest_crown_heights_rental_building_gets_its_windows.php

Windows in. Facade near complete.

Meh.

Is that flooring?

Looks more like a bed..

Multi purpose.

BTW, this development is in the process of seeking a 421-A tax credit, a program that does not presently require an affordable housing component, but advocates want to adapt it to require same.

Said advocates don't have much of a shot: http://therealdeal.com/blog/2015/05/28/de-blasio-calls-out-cuomo-for-stalling-on-421a/

More photos of the construction workers, from @atomische :

https://m.flickr.com/#/photos/atomische/sets/72157644234295981/

To get 421A exemption.within the exclusionary zone, the applicant does indeed have to have an affordable component to his building.   To pay for the affordable units, the developer is given a larger building envelope.  Under the leadership of then Assembly leader Vito Lopez, the exclusionary zone was expanded several years ago to include much of Brooklyn, including Crown Heights.  The exclusionary zone was sections of the city where 421A tax exemption was considered unnecessary to spur housing development.  Areas outside the exclusionary zone were areas where market rates were considered too low to support development without getting the special tax exemptions available with tax abatements available under 421A (for new development) and J-51 (for renovation of existing buildings).  Outside the exclusionary zone, which included Crown Heights until recently, 421A abatement was given more or less "as of right" for anyone developing new housing.   In the exclusionary zone, to get 421a abatement, you need to provide 20% of the units at rents considered affordable.  What's affordable is defined by the City as as percentage below the area median income, which is set annually by HUD.

This building is outside the exclusionary zone, right?   If so, then I am only willing to amend my statement to: 

"BTW, this development is in the process of seeking a 421-A tax credit, a program that does not presently require an affordable housing component IN THIS LOCATION, but advocates want to adapt it to require same."  

 Until then, developers are foolish to not seek a 421A on lots such as this:    

--> The program provides them tax benefits without an obligation to construct affordable housing on it.    The program does not require them to create affordable housing somewhere else in exchange for accepting the benefit here <---   

We shall see if the affordable housing advocates can change this. 

The building is within the exclusionary zone, as amended by Vito and gang.

Cool.

So, the building will include 26 affordable units (128 total units x .20) if the developer is offered rents and the income ranges that make it worth their while to accept the tax benefits inherent in 421A.

Do you know how long the developer has to haggle with the various gov agencies involved and ultimately make the decision? 

As I understand 421A, the credit usually lasts 10 years, and that the affordable apartments become market rate after this period.

http://streeteasy.com/blog/what-is-the-421a-tax-exemption/

As a result, the news that this building is within the exclusionary zone and is in the process of pursuing a 421a doesn't make me very happy OR sad.   

If you wanted lower rents in a new building, it would make you happy.  But only if you were very lucky and won the lottery, as there will be many applicants.

YIMBY: Construction Update: 505 St Marks Avenue, Crown Heights http://newyorkyimby.com/2015/07/construction-update-505-st-marks-avenue-crown-heights.html

"seems likely to finish by the end of 2015."

Facade is now 90% complete. The apartments still need drywall, kitchens, and finishes.

The drywall appears installed in the units. In addition, many units appear painted and have ceiling light fixtures.

I suspect "we" are now getting appliances and awaiting the Certificate of Occupancy.

We could see listings in Jan 2016. Occupancy in February.