At the Real Estate Roundtable on Tuesday, Red Apple chief (and Gristedes owner) John Catsimatidis revealed some interesting (if you're into that kind of thing) details about his development at 202 Myrtle (currently at risk of becoming the most blogged about development in the history of Brownstoner). When times were good, he had been planning to build four buildings on this stretch. Now, however, he's just putting up one smallish one; he won't make much money on it, he said, but he's able to keep the workers employed and prevent the corner from turning into blight. One reason he doesn't expect to make a lot of profit: He's had to put up or guarantee about 50 percent of the project's costs. As for retail, Duane Reade is already committed for the ground floor and he's planning on putting in a 12,000-square-foot supermarket below grade. The operator has yet to be identified but, "worse comes to worse we'll put in one of our own stores," he said. That'll make it a little harder to argue that Admirals Row needs to be demolished to make way for a supermarket, won't it?
Updated Renderings of Catsimatidis' Myrtle Project [Brownstoner]
Development Watch: 202 Myrtle Halfway There [Brownstoner]
Development Watch: 202 Myrtle Rising [Brownstoner] GMAP
Development Watch: 202 Myrtle Marches On [Brownstoner]
Development Watch: 202 Myrtle Avenue P*Shark DOB
Development Watch: 162 Myrtle Avenue [Brownstoner]
Catsimatidis Tweaks Blueprints for Myrtle [Brownstoner]
Catsimatidis Ready to Go on Myrtle? [Brownstoner]
