In Bay Ridge, impossible to build becomes impossible to stop

Forget “location, location, location.” The three most important words in New York City real estate are location, timing and leverage. In 2024, developer Daniel Grinshteyn acquired a great property: 9305 Fifth Avenue in Bay Ridge, Brooklyn. It’s in a good neighborhood and is a 40,000-square-foot site occupied by a single-story Staples with an expiring lease. But the timing wasn’t right because he lacked leverage. No way could he get NIMBY neighbors in the low-scale community to welcome a few hundred apartments. And without local support, persuading the City Council to rezone for such density was not even worth trying. So […]

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