Remember the renderings of the 100-story or so tall Renzo Piano tower developed by Bruce Ratner that would have gone up in Downtown Brooklyn? The Forest City Ratner plan is dead, apparently a victim of rising costs and the credit crunch. There are reports this morning in both the Daily News and the Brooklyn Paper that the plan to build a new dorm and lab for City Tech in return for $300 million and land to build the big Piano at Tillary and Jay Streets is finito. A CUNY exec tells the Brooklyn Paper that "It was a mutual decision." A statement, meanwhile, said that "timing and complexities" of development didn't match with the school's "immediate need" for a facility. Meanwhile, local City Council Member David Yassky says he thinks the credit crunch led Ratner to pull the plug. "He may be overextended right now," Yassky says, adding that "a lot of developers are re-evaluting their numbers and feel that residential buildings don’t work right now." The new CUNY buildings at Tillary and Jay will probably be about ten-stories tall. With another development put on ice just a few blocks away, is it the beginning of the end of the Brookyln development boom, at least downtown?
· Ratner tower whittled down [NYDN]
· Ratner Kills Mr. Brooklyn [Brooklyn Paper]
· Piano Plays Brooklyn with Downtown Tower [Curbed]