Location: Brooklyn, NY
Industry: Real estate development
Building Services – large
Donald Capoccia and Joseph Ferrara
DONE DEAL: BFC Partners is working on developing Empire Outlets, a 1.1 million-square-foot development site located at the foot of Staten Island Ferry Terminal. The development will include 100 designer outlet stores, a hotel and approximately 1,300 parking spaces. In addition, BFC has teamed up with a waterfront partner to build the world’s tallest observation wheel, which will measure in at 630 feet. Empire Outlets will also have a private water dock with connectivity to New York, New Jersey and Brooklyn.
Quick Tip: “You’re better off making a bad decision and moving forward than making no decision at all.”
BIG IMPACT: Outlet centers are not usually found in dense urban areas or waterfront locations. Instead, developers choose outlying sites that do not require the construction of substantial infrastructure and allow for a turnaround between six and nine months. For the Empire Outlets project, however, challenges related to infrastructure meant it was going to take several years until pre-leased tenants could move into their spaces. Nevertheless, within a year of the first public announcement, 60 percent of spaces at Empire Outlets had been pre-leased. For BFC principals Donald Capoccia and Joseph Ferrara, this result confirmed a belief that focusing on overlooked, underappreciated sites will pay off.