The Real Deal New York

Corcoran replaces Halstead at Toren

July 15, 2011 05:15PM
By Katherine Clarke

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From left: Steve Kliegerman, president of Halstead Development
Marketing, theToren and Juliana Brown, senior managing director at
Corcoran

BFC Partners Partners has hired the Corcoran Group as the new exclusive sales and marketing agent for the Toren at 150 Myrtle Avenue in Downtown Brooklyn, replacing Halstead Property Development Marketing, BFC announced today. Corcoran took over marketing the project today.

The 240-unit, 37-story condominium is 79 percent sold, with approximately 20 percent of the total sales taking place in 2011, according to BFC. The developer hopes to see the building sell out by the end of the year.

“Developers make these decisions for various reasons,” said Juliana Brown, senior managing director at Corcoran’s Fort Greene office. “Halstead’s been on it for a number of years and [the developers] felt they wanted a fresher face.”

Sales will be headed up by Corcoran sales agents Marco Auteri and Alexander Capoccia.

Sales began at the high-rise in March 2008 and were slowed down significantly by the economic downturn, Brown said.

However, in the last few months, Halstead has been achieving a sales rate of approximately 10 deals per month.

“We leave Toren secure in the knowledge that the development is properly positioned for the future,” said Stephen Kliegerman, president of Halstead Development Marketing, in a statement. He declined to comment further.

Brown said Corcoran was most likely chosen for the breadth of its connections and greater online presence than other firms. Still, she is not sure that the building will sell out by year’s end.

“What I hope versus actual reality may differ,” she said. “Those six months include the low of August… and Christmas and Thanksgiving towards the end of the year. Is buying a penthouse in Brooklyn going to be a top priority for people?” she said. “I don’t know.”

The building’s remaining apartments are on the larger end, Brown said. The top eight floors of the tower consist of eight one-bedroom penthouse units and 24 duplex penthouse units of two and three bedrooms. Active listings on Streeteasy.com range from one- to three-bedrooms and $560,000 to $1.48 million in price.

Among the building’s unique selling points are a 25-year 421a tax abatement, Brown said. The building also boats a multi-level roof garden, an outdoor screening area, a library, fitness center and indoor swimming pool.

Donald Capoccia, managing director and founder of BFC, was not immediately available for comment, but said in a statement: “It was a pleasure working with the Halstead team over the last three years. They guided us through a tough economy.”

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