The schedule for the 14 residential Atlantic Yards towers is not quite what was originally proposed. During an investors meeting on Monday, Forest City Ratner Executive VP MaryAnne Gilmartin said that the seven towers over the railyards would not be built until seven others are constructed first. The news comes from Atlantic Yards Report, which notes that covering the unsightly yards was a key point in the approval of the project. To build over the yards, a giant platform, like the $800 million platforms needed for Hudson Yards, has to be built.
The first three towers will be built on the same block as the Barclays Center, with the first, B2, breaking ground on December 18. Forest City Ratner is still working to secure financing for the tower, which may or may not be modular?they can't decide. The second wave would bring four towers on the block next to the arena, between Sixth and Carlton Avenues. The final phase would see the seven towers over the railyards. All told, there will be 6,400 apartments. And how much will the rents be?
Rents would be more than $50 per square foot, which is more than what was originally expected. "The notion of high rise, amenitized living has been proven out in the construction of a number of buildings that enjoy robust rents, very low vacancy rates, strong absorption, and minimum concessions," said Gilmartin. "These are rents that are in the mid-50s." If the market rate units went for $54 per square foot, AYR calculated that to be $2,025 a month for a 450-square-foot studio, $3,150 for a 700-square-foot 1BR, and $4,275 for a 950-square-foot 2BR. For the subsidized units, these rents would obviously be less.
· Railyard Won't Be Developed Until Seven Towers Built First [AYR]
· Atlantic Yards coverage [Curbed]