Landmark buildings are a developer’s worst nightmare and an economic albatross right? Wrong. By using “capitalist creativity” you can turn a perceived burden into an income producing asset. Like lemons to lemonade. That’s what re-developer Forest City Ratner Companies of Manhattan did with the architecturally gorgeous (Renaissance Revival) former P.S. 9 on Sterling Place in Brooklyn, NY, built in 1887.
Ratner struck a deal with New York City in 1989 to restore the building to its former lustre in exchange for allowing co-op sales to dislocated artists. The loft apartments were made available to these artists first, the anyone. We’re guessing there was an accompanying tax break to Ratner in the mix as well. So everyone won.
Congratulations to Ratner Companies for showing how to create economic opportunity and foster the public good at the same time. We hope to see the same creativity by Preferred Real Estate Investments, Inc. in Holmdel, NJ with the former Bell Labs building, gorgeous in its own modernist way.
Thanks to brownstoner for the post on the building & digging up the New York Times article.
