Monday, December 10, 2007

Brooklyn Office Building Slows -- But Albee Square Mall Is Coming Down

The Observer notes that developers will complete only 20,000 square feet of new office space this year in Brooklyn, compared to 165,000 feet in 2006. They got their numbers from a report out Monday from investment-sales brokerage Marcus & Millichap.

Regardless, says the Observer, "two big variables dangle in Brooklyn's commercial future: Atlantic Yards and Albee Square."

The Brooklyn Eagle reports that demolition has already begun on the parking garage of The Gallery at Fulton Mall to make way for the mammoth new Albee Square high-rise development.

The pretty rendering of the future home of Target and perhaps other major department stores in the former Fulton Mall (above left) comes from a promotional brochure for the Albee Square Mall obtained by the folks at The Real Estate, and to us via Curbed.

For some reason, it doesn't show the humongous (maybe 60-story) City Point tower, "a mixture of residential, retail [and maybe] hotel and office" that will be bonded to it.

The gritty two photos to the right are the Fulton Mall as it stood a couple of days ago. Workers were maneuvering equipment inside, preparatory to demolition.

Photos on right by MK Metz

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