Back when the 160 Imlay project in Red Hook was first planned, the Brooklyn real estate market was on fire. Well, a legal hurdle dating back four years has been cleared and the development has emerged to a...market that is somewhat less buoyant than it used to be. No matter. A state appeals court dismissed a lawsuit seeking to block the condo conversion of the six-story, 1911 New York Dock Company building. The $90 million development would put retail on the first two floors and 144 condos on the top four floors. The crux of the long-running Battle of Imlay Street is that the area is zoned for manufacturing use, but the developer got the go ahead in 2003 for residential development over the objections of the local Community Board. A group filed suit in 2004, saying the development would hurt industrial use of the waterfront. So, it's a go, right? Wrong. Brownstoner has a press release from the developer, but opponents call the decision "a bump in the road" and say they will appeal. The good news? By the time the litigation is settled, the real estate market may be looking up again.
· 160 Imlay Finally Gets the Go-Ahead [Brownstoner]
· Case Dismissed Against Red Hook Residential Development [BDE]
· 160 Imlay Update: So Much for That [Curbed]