Sales at One Brooklyn Bridge Park aka 360 Furman Street the former Watchtower distribution facility have hit tough times according to a Bloomberg report published today. Who to blame? The Recession, of course.
Bloomberg: One Brooklyn Bridge Park…: “We were killed,” said Robert Levine, chief executive officer of RAL Companies & Affiliates LLC, who masterminded the $550 million waterfront project with views of the Brooklyn Bridge and the Statue of Liberty, along with amenities such as virtual golf, a movie theater and a planned 85-acre park. “We have negotiated and done some contracts, but people are clearly much more aware of the current economy.”
So are his backers. Levine’s partner in the Brooklyn Heights development, 10 blocks south of the Jehovah’s Witnesses headquarters that abuts the Brooklyn Bridge, is a $300 million fund run by American International Group Inc.’s real-estate investment unit, a business that is itself on the block as New York-based AIG sheds assets to pay an $85 billion government loan.
The article adds that 1 BBP has roughly the same available square footage as the Chrysler Building. That’s a lot of space to sell even in a good economy, especially for a building that is separated from the rest of Brooklyn Heights by the BQE. Not to mention the noise and fumes that come with a major highway.
Cliff Finn of CitiHabitats tells Bloomberg, “I didn’t consider that to be prime Brooklyn Heights. If it’s not enough of a discount from Manhattan, they are going to have a little bit of a problem.”