The Brooklyn Daily Eagle is reporting that The Andrea, the new 95-unit residential building at 218 Myrtle Avenue has been filled to capacity. The Catsimatidis building is now negotiating for a retail tenant to occupy the 22,000 square foot street-level space.
The news is encouraging for other development projects stalled in the area due to the collapse of the credit market. Catsimatidis, President of the Big Apple Group and Myrtle Avenue Development LLC is eager to continue investing in the neighborhood. The group already has several other projects planned in the area.
“Still to come, when market conditions allow, are two midsize residential developments and a luxury condominium tower, plus additional commercial activity in the ground floors,” Catsimatidis told the Eagle.
The proximity to downtown transportation, location near LIU and other schools, and moderate pricing have proven to be a successful combination. The nearby Toren Building recently announced it was quickly finding interested parties for its condos. That building is now 65 percent sold.