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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #1 · (Edited)
Junior's, the iconic restaurant in Brooklyn has been sold to a developer who may combine air rights with a neighboring bank to amass a site for a 50 story residential tower.

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Junior's Seeking Developer To Top It With Condo Tower


Junior's Restaurant by edwick, on Flickr

Feb. 20, 2014

The original Downtown Brooklyn location of Junior's Most Fabulous Cheesecakes and Desserts is being put on the market by owner Alan Rosen, whose grandfather founded the iconic eatery. But don't worry—Rosen plans to negotiate a deal with the eventual buyer where the restaurant is able to lease the new building's ground floor, retaining its flagship location. In the meantime, Junior's will open another location in the neighborhood, netting twice the cheesecake for DoBro.

Although there is no official asking price, the Post's sources expect the property, which is being marketed by Massey Knakal, to fetch between $45 and $55 million, depending on the terms of Junior's' deal. According to the Daily News, the site has the air rights to allow it to rise over 20 stories.

Air Rights From Neighboring Bank Add Intrigue to Junior's Site

April 23, 2014

When the owner of Junior's Most Fabulous Cheesecakes and Desserts in Downtown Brooklyn announced that he was putting the iconic restaurant on the market, it seemed like an attractive development site with reported air rights that would allow a new building to rise 20 stories. But now that number may now be doubling, as the neighboring landmarked JPMorgan Chase branch is considering selling off its air rights. Combining the air rights from the two sites could result in a 385,000-square-foot (likely condo) tower that could rise as high as 50 stories (only three stories shorter than Brooklyn's current record holder 388 Bridge Street), Crain's reports.
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #2 ·
1,000-Foot Tower Could Rise on Junior's Site In DoBro



If all of the pieces come together, a tower as high as 1,000 feet could sprout on the site of Junior's Most Fabulous Cheesecakes and Desserts in Downtown Brooklyn at the corner of Flatbush Avenue Ext. and Dekalb Avenue. The iconic two-story eatery, which comes with development rights that would allow for a 20-story building, was put on the market in February. Then in April, the landmarked JP Morgan Chase next door announced that it was interested in selling its air rights, which would allow for a 50-story building on the Junior's site. Now the Times reports that if the winning developer collects all of the development rights on the whole triangular block, a 1,000-foot skyscraper could be built. It's a mindboggling height for Brooklyn, considering that the borough's current tallest tower only stands at 590 feet, but there is a decent chance that it could actually be built.

Bidding for the site begins this week, and dozens of big name developers are interested, including Michael Stern of JDS Development Group and Joseph Chetrit of the the Chetrit Group. And it just so happens that the pair purchased Junior's neighbor at 340 Flatbush Avenue Ext. late last year. If they win Junior's and acquire the air rights from Chase, they would be able to build at least a 500,000-square-foot structure.
We'll see who wins, this could be a corker!
 

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Illuminati Leader
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6,057 Posts
This should be moved to skyscrapers at least. I doubt it'll be a supertall at the end of the day but if there's murmurs it could be 1,000ft high then I doubt it will wind up less than 650ft.
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #6 ·
This should be moved to skyscrapers at least. I doubt it'll be a supertall at the end of the day but if there's murmurs it could be 1,000ft high then I doubt it will wind up less than 650ft.
When the dust settles on a developer we'll know if this thing can go higher than the planned 50 stories. Shouldn't be long to find out. In which case, it gets moved to Supertalls. :D
 

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Whiskey Tango Foxtrot
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55,632 Posts
Discussion Starter · #7 ·
Plans scrapped:

Juniors Owner Rejects $45 Million Cash Offer, Will Keep Serving Cheesecake



Sentimentality and tradition have won out in a big way at the Downtown Brooklyn site of Junior's Most Fabulous Cheesecake and Desserts. The restaurant's owner, Alan Rosen, has divulged to the Times that after a summer's-worth of mulling, he has decided not to sell the valuable property at the corner of Flatbush Avenue Extension and Dekalb Avenue. The reason? Rosen told the Times of the building the restaurant has occupied since 1950, "This is Junior's identity, is this building. This is the one where I came on my first dates. It's where my family spent most of their waking hours ... Not the one down the street, not the one below 20 stories of condos. This one."

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The site is backed by the development rights for a 20-story building, which itself is not all that notable in the in-flux neighborhood. But in April, the neighboring landmarked JP Morgan Chase announced it was interested in selling its air rights, which if acquired would allow a 50-story building on the Junior's site. In June, the Times reported that if the winning developer collected all of the development rights on the whole triangular block—as it may appear Chetrit was aiming to do with their late 2013 buy of Junior's neighbor at 340 Flatbush Avenue Ext.—a 1,000-foot skyscraper could be built. Now that's notable. But lo, Junior's has put the speculation over a new supertall tower on their lot to rest, all for the love of cheesecake.

Juniors Cheesecake by David Glenn, on Flickr
 
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