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Old Posted May 29, 2014, 10:23 PM
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Valuation of condemned Brooklyn site paves way for hotel

A judge has valued a condemned property at 730-40 Atlantic Avenue, close to where the Barclays Center stands, at approximately $9.2 million. The move opens up the possibility of a 12-story budget hotel at the site.
The property was located in an industrial-use zone until 2001 and later condemned by the Empire State Development Corporation to make room for the Atlantic Yards project.

The property’s current owner, 730 Equity Corp, applied for a rezoning in that would allow a hotel to be built on the site.
While earlier valued at around $2 million, Brooklyn Supreme Court Justice Wayne Saitta reviewed the prior appraisal and concluded earlier this month that the actual value of the property is around $9 million.
The judge said that Atlantic Avenue, unlike neighboring Pacific Street, “creates a situation that can support a larger development.”

“[E]ven though a 124,000-square-foot hotel is physically possible on the site, the Court must also consider whether such a hotel is financially feasible,” Saitta wrote in the ruling. The ESDC maintained that a hotel in that location would not be viable.
May 29, 2014
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