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.
