Tough Times at One Brooklyn Bridge Park


Sure, Elizabeth Stribling purchased a $6.05 million condo at One Brooklyn Bridge Park in March, but that didn't make her a trendsetter. Bloomberg News reports that two-thirds of the 449 units remain unsold. The reason: Wall Street's meltdown; OBBP's main customers worked at places like Lehman and Merrill Lynch. "We were killed," Robert Levine told them. "We have negotiated and done some contracts, but people are clearly much more aware of the current economy." Levine gets some of his development cash from a $300 million fund of American International Group Inc.'s real-estate investment sector. Oops. And here's another problem: "One Brooklyn faces a particular challenge because it's cleaved from the rest of Brooklyn Heights by the Brooklyn-Queens Expressway, said Cliff Finn, director of new development marketing for the New York real-estate brokerage Citi Habitats. In addition, since the Brooklyn Bridge Park itself won't be finished for a few years, current buyers need to have some vision.
One Brooklyn Bridge Condo Demand `Killed' as NYC Market Slides [Bloomberg]

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