Downtown Gallery Mall Deal: Albee Big

The parameters of the Albee Square project on the site of the Gallery Mall sold by Thor Equities for $125 million are becoming clearer. Today, the New York Times reports that the city's Industrial Development Agency will give the new owners $3.2 million in tax breaks. The plans drawn up by Albee Development LLC call for nearly half a million square feet of retail space, about 125,000 square feet of Class A office space and 1,000 rental apartments, 20 percent of which would be for tenants of moderate income. There is no estimated building height yet, but it's thought that it could be the tallest in downtown Brooklyn. Meanwhile, some tenants are saying they were lured into moving into the Mall with promises of renovation and success but will now be forced to close their businesses.
[Photo courtesy of Forgotten-NY, check out the excellent item on downtown Brooklyn]