Effort Underway to Bring Retail to One BBP
The empty retail space at One Brooklyn Bridge Park (360 Furman Street), the former Watchtower building that has been converted to luxury condos, will soon be filled if the efforts of RAL Companies and Affiliates, who are charged with marketing the space, are successful.
The Real Deal: More than two years have passed since developer RAL Companies & Affiliates began marketing the 75,000-square foot retail space in its waterfront condominium conversion One Brooklyn Bridge Park…and it has yet to secure a tenant.
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[However,] [w]ithin the past 45 days, two local “seasoned” restaurant operators and one high-end market that “caters to grocery needs and prepared foods” contacted RAL about the space, [Ian] Levine [COO and CFO of RAL] said. He declined to disclose the retailers’ names and would not specify about possible lease pricing.
According to the article, two factors have been identified as working against a commercial lease. The first is the present almost total lack of foot traffic on Furman. RAL hopes this will end when Brooklyn Bridge Park opens this winter. However, only Piers 1 and 6, at opposite ends of the Park, are slated to open then. The only foot traffic this is likely to generate on Furman consists of those who may wish to walk from one open end of the Park to the other, a distance of over half a mile, along the street. The second is the slow sale of residential units in One BBP, residents of which may also be customers of whatever retail locates in the ground floor. RAL is counting on price reductions on these units, perhaps along with car give-aways, turning the tide.
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Posted : October 8th, 2009 at 11:22 pm by Claude Scales under Commercial Real Estate, Development, News, Real Estate.
Tags:11201, 360, 360 Furman Street, brooklyn bridge park, Ian Levine, one brooklyn bridge park, RAL Companies & Affiliates
Comments: 12
Comments
Comment from ABC
Time: October 9, 2009, 8:29 am
I remember when they said they were considering Whole Foods.
I wonder if the two local seasoned people are two places or one (cranberries + noddle pudding guys). Also, wonder if calling about prices gets you this kind of attention
Comment from yo
Time: October 9, 2009, 11:39 am
whole foods whole foods whole foods whole foods whole foods
Comment from Reality Check
Time: October 9, 2009, 1:31 pm
Whole paycheck.
Comment from andy
Time: October 9, 2009, 1:49 pm
waldbaums!!!
Comment from BklynLifer
Time: October 9, 2009, 3:57 pm
Let’s be real, folks! Why in the world would Whole Foods or some similar entity want to locate is such a remote spot???? This space would be perfect for a school, which would bring income and daytime activity to a very remote spot.
Comment from ABC
Time: October 9, 2009, 9:14 pm
I’m sure WF didn’t want to, never wanted to. Just typical condo developers line: “we’re considering some people like Whole Foods and Anthropologie and J Crew and Apple and a Blue Hill restaurant.. some things like that for the commercial space” Too bad none of these people were considering them!
Comment from Bob
Time: October 9, 2009, 9:44 pm
I think the only retail they’ll get down there until the park is finished will be vending machines.
Comment from anon
Time: November 1, 2009, 10:38 pm
they need people in the park to use the vending machines first !
Comment from barbra
Time: November 1, 2009, 10:39 pm
how many units have been sold?
Comment from anon
Time: November 1, 2009, 10:43 pm
abt 30% I believe - they’re apartments are being advertised at manhattan prices which keeps people away - as soon as they get in line with the rest of brooklyn heights they’ll have some traction until then they’ve got a long slog ahead of them. Real Deal said they got another two years extension on their loans from the bank - at this rate they’ll need another two!
Comment from Publius
Time: November 2, 2009, 1:44 am
These apts have been on the market for over 2 years and only approx 150 out of the 450 units have sold. Wonder what’s going to happen if/when the management company goes BK after their loan extensions expire and the existing small percentage of owners have to carry the sizable PILOTs due to BBP. It’s going to be ugly. Lawyers bonanza.
I don’t see the apt towers on Pier 6 going up anytime in the next decade either. Nor the luxury hotel on Pier 1. So much for luxury housing covering the maintenance budget of BBP. Ouch.
Comment from Reality Check
Time: October 8, 2009, 11:44 pm
All wishful thinking.