There’s some bad news from two of Brooklyn’s top-of-the-line developments, Williamsburg’s Edge and Flatbush Avenue’s Toren: they haven’t sold any units since September. The news comes right from the developers speaking at a real estate roundtable. “Two of the speakers yesterday, Jeffrey Levine of Douglaston Development and Levine Builders, and Don Capoccia of BFC Partners, produced the bad news of the day, saying that they have not sold any units at their developments since September. Levine, developer of The Edge, a four-building, 575-unit complex on the waterfront in Williamsburg, said, ‘I take solace in the fact that people are still looking. We did 30 tours this past weekend. I find that very promising,’ he said….Capoccia, developer of Toren, a mixed-use residential tower at Myrtle Avenue and Flatbush Avenue Extension in Downtown Brooklyn, said that like Levine there has been minimal sales activity since September but that Toren had 20 potential buyers come through last weekend.” [Brooklyn Eagle]
Bklink: No Sales at Toren or Edge Since September
February 13th, 2009 · 6 Comments
Tags: Shortlink
6 responses so far ↓
1 Jim // Feb 13, 2009 at 2:55 pm
Can they pronounce “recession”? People don’t make major purchases in economic times like this.
Problem is–what will become of all the structures that have sprouted up and are now virtually vacant? They’re everywhere.
2 anonymous // Feb 13, 2009 at 4:44 pm
The difference between Toren and Edge are that Toren has already sold 70% of its units and the Edge have sold barely any at all.
3 hughblaze // Feb 13, 2009 at 6:28 pm
The problem here is that they are sticking to prices that no longer reflect the market value for these units, and will not again for quite some time.
If they reduced the prices, they would sell.
4 mikki // Feb 13, 2009 at 7:33 pm
That is really astonishing. Too bad those things are just as ugly empty as they are full.
5 Eric // Feb 13, 2009 at 8:13 pm
Maybe if they weren’t named “Toren” and “Edge,” they’d be sold out by now.
What will become of all these virtually vacant buildings? Maybe New York State will turn Robin Hood and use eminent domain to seize them from developers at depressed “market rates” and convert them to much-needed affordable housing.
And then pigs will fly.
6 newsreporter // Feb 20, 2009 at 1:20 pm
Unfortunately, this article is not true.
The Edge has already reported that they have secured six signed contracts in the first two weeks of January.