CityRealty Insider > New Developments in the News

New Developments in the News

SEPTEMBER 20, 2010

A new rental residence will be Brooklyn’s tallest tower; a new offer may be on the table for Stuy Town tenants

AvalonBay Communities—the “lifestyle rental” brand behind the Avalon buildings on the Lower East Side of Manhattan and several more currently in construction in Brooklyn—will be building a new rental residence on Willoughby Street between Bridge and Duffield Streets in downtown Brooklyn. The 58-story, 860 unit tower–to be christened Avalon Willoughby West–will be the tallest building in the borough, an honor currently held by The Brooklyner, another rental tower.

Representatives of Pershing Square Capital Management and Winthrop Realty Trust have contacted members of the Stuyvesant Town and Peter Cooper Village tenant association to propose an alliance that would give tenants substantial rights and equity—as much as 50 per cent ownership—in the process of converting the complex into a co-op. Mortgage holders and other investors are still awaiting a decision by the State Supreme Court regarding who has control of the complex in the near term.

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