Rentals, Price Cuts and Loan Extension at 1BBP


One Brooklyn Bridge Park, the high profile condo conversion set in Brooklyn Bridge Park on the Brooklyn Heights waterfront, announced late yesterday that it had managed to successfully negotiate an extension on its loan agreement for another two year, buying it some time to try to move some of the many unsold units in the luxury building; to that end, prices were cut across the board by as much as 20 percent in some cases. According to the website, this means that studios are now as low as $500,000 and a two-bedroom can be had for under a million bucks. “We believe that our new pricing structure creates smart investment opportunities for buyers who will be able to realize long-term appreciation on these residences," said R.A.L.'s namesake Robert Levine. In the mean time, up to 25 percent of the units will be offered as market-rate ($1,875 for studios, $2,800 for one-bedrooms) rentals. (Note: One Brooklyn Bridge is an advertiser on Brownstoner.)
Stribling Closes at 1BBP, Optimistic About Spring [Brownstoner]
Tough Times at One Brooklyn Bridge Park [Brownstoner]
What's New at OBBP [Brownstoner] GMAP

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