One Brooklyn Bridge Park Picking Up Steam
For a while there, like a year, any inquiry about the number of sales at One Brooklyn Bridge Park, the high-end conversion project on the Brooklyn Heights waterfront, inevitably led to the same answer: 100. Since recent price cuts and a changing of the brokerage guard (to The Developers Group), though, there’s been some noteworthy…
For a while there, like a year, any inquiry about the number of sales at One Brooklyn Bridge Park, the high-end conversion project on the Brooklyn Heights waterfront, inevitably led to the same answer: 100. Since recent price cuts and a changing of the brokerage guard (to The Developers Group), though, there’s been some noteworthy action: According to the Daily News this morning, 20 new contracts have been signed, 10 are “out” and another 10 are “under negotiation.” It can’t hurt either that it no longer takes a visionary to imagine how cool Brooklyn Bridge Park itself is going to be.
Fast & Furious [NY Daily News] GMAP
Some Traction at One Brooklyn Bridge Park? [Brownstoner]
Price Cuts at One Brooklyn Bridge Park [Brownstoner]
Interesting that this place is picking up steam; I hope this round of buyers are smarter than the last as many folks don’t seem to realize all of the development that can take place in front of the view corridors for some of the highest priced units. See below for the towers that can be built alongside One Brooklyn Bridge Park at Pier 6…TWO, 315 foot (in height) residential towers!…..I wish I read the fine print!
Link for a BUYER BEWARE notice from….
http://www.brooklynbridgepark.org/go/the-park/the-park-plan/faqs#why_new_plan
What is the development program for the Park?
The development program for the Park (the revenue-generating portions) will take up 10% of the Park, or 8.5 acres and will include approximately 1,210 units of housing, 225 hotel rooms, 151,200 square feet of retail uses, 86,400 square feet of restaurants, cafes and other eateries, 30,000 of meeting space, 36,000 square feet of offices, 128,400 square feet for research and development or education uses, and 1,283 parking spaces.
The main revenue-generating portions are limited to three areas – John St. in DUMBO, Pier 1 at Old Fulton St., and Pier 6 at Atlantic Ave.:
John St. in DUMBO – A parcel along John St. between Adams and Pearl St. will include an approximately 170-foot high residential building with approximately 130 units.
Pier 1 at Old Fulton St. – This site will include a mix of development including a restaurant, 150-unit residential building and 225-room hotel.
Pier 6 at Atlantic Ave. – This site will include two new residential buildings, approximately 95 feet and 315 feet in height.
Additionally, 360 Furman St., a former industrial building, will be converted to residential use as part of the proposed project. The building will accomodate up to 500 residential units.
“One Brooklyn Bridge Park Picking Up Steam”
That’s not steam. That’s a crack pipe.
***Bid half off peak comps***
Re: cutting their losses-
If you are paying a staff to sit on site to market a product that doesn’t sell you lose money. If you are representing a product that isn’t selling it can damage your image with future potential developers/clients.
They started selling these units in 2007, it can’t help Stribling’s image to still be selling the same product two years later, regardless of the size/scope of project or the state of the economy.
how does a real estate firm ‘cut their losses’ from this?
what losses?
Well, I couldn’t care less. I’m sorry it bothers you though, try to care less as you have imagined. ;-).
I’ll be surprised if Stribling didn’t have some sort of contract with the developer about him buying the unit back if a certain percentage of the units haven’t sold. She probably bought it as a publicity stunt to garner headlines and confidence in the building.
Brokers use this tactic all the time in new developments and especially during the boom years. If I’m not mistaken, there is a semi-headline grabbing article about this floating around right now (can’t find the link — of course).
Stribling the company was smart enough to bail on this money pit. I could care less about her purchase in the building (an expensive PR stunt), smart or not, at the top of the market. Many other buyers around the city bought at the top of the market as well.
“Stribling was just smart enough to cut their loses and move on”
Stribling herself was also smart enough to pay zillions for a PH here at the top of the market as well right?
I saw a number of units. I just don’t like the height of the windows. If you’re under 5’6″ you can’t see out the window until you get right up to them. Weird. The units on the corners are better in that regard