Downtown Brooklyn condo the Toren has tapped CPEX as the exclusive marketing team for its 13,000-square-foot retail space after going for about two years without a commercial broker.
Great Jones Realty was a co-broker on the space at 150 Myrtle Avenue with Arch Brokerage for roughly six months, beginning in November 2007, said Rob Morea, a sales associate with Great Jones, which is owned by Don Capoccia. Capoccia co-owns Toren developer BFC Partners.
Morea said it was likely that the development team waited for more residential units to sell before hiring a new commercial team. Other sources suggested that when the market is down, it makes sense for a developer to concentrate on selling residential units rather than trying to lease out commercial space.
The TorenWhile the Toren had struggled with condo unit sales in the downturn, as of July, the 240-unit building was roughly 65 percent sold. Condo sales began March 2008, according to StreetEasy.
The retail space, which is currently vacant, had received leasing offers before the market downturn, Morea said, but negotiations did not pan out.
“We had brought a grocer there [but] we couldn’t agree on terms, and then the market changed,” Morea said.
Capoccia was not available for comment.