Toren retail space gets new brokerage team

Oct.October 01, 2010 05:05 PM


Don Capoccia

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 Toren
While 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.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Buyers from neighboring countries made up the biggest percentage of foreign sales. (iStock)
Here’s where foreign homebuyers came from and bought during pandemic
Here’s where foreign homebuyers came from and bought during pandemic
Commercial property sales outpace pre-pandemic figures in Q2
Commercial property sales outpace pre-pandemic figures in Q2
Commercial property sales outpace pre-pandemic figures in Q2
Equity Residential chairman Sam Zell (Getty, iStock)
Sam Zell’s Equity Residential reports recovery in rental occupancy
Sam Zell’s Equity Residential reports recovery in rental occupancy
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
Nearly $10M settlement for “cooked” SF condo owners
NAA president Robert Pinnegar (iStock, NAA)
Landlords sue federal gov’t over rental losses during CDC eviction ban
Landlords sue federal gov’t over rental losses during CDC eviction ban
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...