Stephen G. Kliegerman
President of Development Marketing
BFC Partners, the developer of the new Downtown Brooklyn condominium, Toren, will not be considering changing to rentals anytime soon, despite recent reports that more and more residential developers are considering that option.
The developers report that 50 contracts have been signed in just 40 days of sales at the 38-story tower (Toren means tower in Dutch) at 150 Myrtle Ave., corner of Flatbush Avenue Extension. Said Joseph Ferrara, “I don’t see that [changing to rentals] happening. I’m pretty confident that this building will sell rather quickly.”
Ferrara, a partner with Don Capoccia and Brandon Baron at BFC Partners, added that this is based on “the buzz we’re getting, the draw of the architectural firm we used, and the response to the quality of the finishes we have.”
“We put a lot of thought into this building and in my mind there is no competition,” he told the Eagle Wednesday.
Ferrara also commented that the “50 in 40 days” is not the whole picture. From a list of 2,000 names and a lottery, the 42 affordable units at Toren are also spoken for, bringing the total to 99 units in contract.
Capoccia, in a published statement, said buyers are seeking to live in a Gold LEED-certified building where a cogeneration plant will supply heat, power and air conditioning at less cost and will protect residents from any brownouts or blackouts during the high heat of summer.
“Toren is intelligently and dramatically designed, and residences are priced very well,” he said, adding, “In the current market, our terrific sales achievement is a testament to Toren’s excellence.” Skidmore, Owings & Merrill (SOM) designed the building, creating a unique silver-blue aluminum and glass façade that they describe as “precise engineering, artistic expression and modern sophistication.”
Halstead Property Development Marketing is handling sales for the project. Prices are starting at the mid-$300s and range up to $1.7 million — with a 25-year tax abatement.
The 240 units include studios, one-, two- and three-bedroom apartments ranging in size from 442 to 1,967 square feet. The top eight floors will offer eight one-bedroom “ultra-luxurious” penthouse units, plus 24 duplex penthouse units with two-story living rooms, spectacular views from floor-to-ceiling windows and either two or three bedrooms.
In addition to living by green standards, the future residents will have upscale amenities like a multi-level roof garden; a 2,000-square-foot fitness center managed by Iowa Sports, with fitness and recreational programming, swimming pool with skylight and sauna; a multi-media library/lounge; a two-level attended parking garage; and 24-hour concierge.
Wednesday, June 18, 2008