Atlantic Avenue Rezoning Unlocks Brooklyn's Next Chapter
The New York City Council has approved the Atlantic Avenue Mixed-Use Plan (AAMUP) — a transformative rezoning initiative for Brooklyn. Spanning 21 blocks through Prospect Heights, Crown Heights, and Bedford-Stuyvesant, the plan clears the way for roughly 4,600 new residential units, with 1,900 designated as affordable housing.
A standout feature is the use of public land: seven sites — including 542 Dean Street and 1110 Atlantic Avenue — will support affordable units for low-income seniors, families, and formerly homeless individuals. Additionally, developers can now qualify for a density bonus on lots over 30,000 square feet.
The city is also committing between $215 million and $235 million for infrastructure upgrades, transit improvements, and tenant protections — signaling that this rezoning is not just about growth, but long-term stability and accessibility.
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SEO Description: NYC greenlights Atlantic Avenue rezoning, enabling thousands of new homes and major public investments in Crown Heights and Bed-Stuy.
Casinos, Towers & Transit: NYC’s Mega-Projects Heat Up
A series of large-scale development proposals made headlines this week:
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Metropolitan Park, near Citi Field, took a major step forward after the state Senate approved a bill to convert 50 acres of parking lot into a casino and entertainment district. The project includes a hotel, park space, and a promise to build 450 affordable units off-site — but still requires a coveted downstate casino license.
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In Hell’s Kitchen, new renderings dropped for The Avenir, a 45-story mixed-use tower from Silverstein Properties and partners. Designed with wave-like glass architecture, the project envisions a gaming facility, 1,000-room hotel, multiple restaurants, and even a community gallery. Importantly, the casino itself will occupy less than 12% of the total square footage.
Both projects are shaping the competition for New York’s next wave of integrated entertainment destinations.
Kramer Levin Merger Expands Global Real Estate Reach
In legal industry news, Kramer Levin will merge with Herbert Smith Freehills on June 1st to form HSF Kramer, creating a global firm of over 2,700 attorneys across 26 offices.
This move significantly boosts both firms’ real estate law practices, with a sharpened focus on high-demand sectors like data centers, recapitalizations, and distressed asset workouts. The merger also highlights growing interest from global investors in U.S. real estate markets, particularly in New York.
Fortis Faces Foreclosure Fallout
Fortis Property Group is currently grappling with legal challenges stemming from its troubled office building located at One Lincoln Street in Boston. The company has reportedly defaulted on both a senior loan and a mezzanine loan, leading to the property being lost in a foreclosure auction. Lenders are now pursuing Fortis and its CEO, Joel Kestenbaum, for a total of $83 million in outstanding debts.
In response, Fortis has vehemently denied the allegations, characterizing the lawsuits as a "defensive, flailing ploy" by the lenders, aimed at diverting attention from their own liabilities related to alleged misconduct. In a counter-move, Fortis has filed its own lawsuit against the lenders, claiming they breached loan agreements and failed to act in good faith regarding the management of the office tower.
Fortis acquired the One Lincoln Street property in 2006 for $889 million and subsequently refinanced it for $1 billion in 2022. However, the situation worsened when State Street, the building's anchor tenant occupying a significant portion of the space, vacated the premises. As a result, Fortis has struggled to attract new tenants, and the building is now reported to be less than 50% occupied.
The lenders took control of the property with a bid of $400 million, highlighting the ongoing challenges faced by the Boston office market. This latest round of lawsuits adds to a growing list of legal troubles for Fortis Property Group, which includes protracted disputes over its building at 161 Maiden Lane, where foreclosure proceedings were recently permitted by a judge. Additionally, Fortis narrowly avoided foreclosure at the former Long Island College Hospital site in Cobble Hill before successfully selling the parcels.
In another legal setback, an investor has filed a lawsuit against Fortis, alleging that it misrepresented the value of assets at its residential development, Olympia Dumbo.