NEW YORK CITY — One Brooklyn Bridge Park, a 438-unit residential building located in Brooklyn, New York City, that was completed in March, has received a 2-year loan extension. In a statement, R.A.L. Companies & Affiliates, the developer of the project, said the extension will allow the company to meet its obligations to its residents, and to fund common charges and real estate taxes on unsold units within the project. R.A.L. has also announced a new pricing structure for the residences. The listing price has been lowered as much as 20 percent, with studio loft units now starting at $545,000. In addition, up to 25 percent of the project’s residences will be marketed as rental units, and some of them will be marketed as rent-to-own. Monthly rents will start at $1,875 for studios and $2,800 per month for one-bedroom units. One Brooklyn Bridge Park is located at 360 Furman St. It comprises the redevelopment of the former Brooklyn Heights distribution center into a residential community. The project is located within the 85-acre Brooklyn Bridge Park, a waterfront public park that is currently under construction along the East River.
ONE BROOKLYN BRIDGE PARK RECEIVES LOAN EXTENSION, LOWERS PRICES