Today’s news:

Cooling off!

Sales have slowed down at One Brooklyn Bridge Park, and the developer is making concessions to close deals.
The Brooklyn Paper

A luxury building that is the cornerstone of the Brooklyn Bridge Park waterfront development is showing signs that the tanking economy is hurting the local real-estate market.

The developer of One Brooklyn Bridge Park says his sales are still strong — but he has begun giving “concessions” to close deals, including paying closing costs and helping buyers with financing options.

Nearly two-thirds of the units at 360 Furman St., the 449-unit former Jehovah’s Witness printing plant at the southern end of the proposed Brooklyn Bridge Park, remain unsold, said the developer, Robert A. Levine.

“There’s no hiding the reality that sales have slowed down, and we’re not going to kid ourselves about that,” Levine told The Brooklyn Paper this week.

“We’re guardedly optimistic about where we are in this market. There are things that are clearly out of our control,” he added. “I think we’re all looking for the things to start turning around.”

That’s a far cry from what Levine was experiencing before the bottom dropped out on Wall Street. Sales at his building, which boasts 14-foot ceilings, sweeping views of lower Manhattan and fancy amenities, had been strong up to that point, with nearly 150 units sold in one year.

When the building first went on the market last year, units sold for between $550,000 for a studio to upwards of $4 million for a penthouse, Levine had said. Prices now range from $550,000 to over $7 million, he said this week.

“We’re continuing to see traffic and we continue to sign contracts,” Levine said. “We are optimistic that the sales pace will improve.”

Pin It
Print this story Permalink

Reader Feedback

Enter your comment below

By submitting this comment, you agree to the following terms:

You agree that you, and not BrooklynPaper.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to BrooklynPaper.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.

First name
Last name
Your neighborhood
Email address
Daytime phone

Your letter must be signed and include all of the information requested above. (Only your name and neighborhood are published with the letter.) Letters should be as brief as possible; while they may discuss any topic of interest to our readers, priority will be given to letters that relate to stories covered by The Brooklyn Paper.

Letters will be edited at the sole discretion of the editor, may be published in whole or part in any media, and upon publication become the property of The Brooklyn Paper. The earlier in the week you send your letter, the better.

Links