BFC Partners

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Donald Capoccia and Joseph Ferrara headshot

Location: Brooklyn, NY
Industry: Real estate development

Building Services – large

Finalist Tag

BFC Partners

Donald Capoccia and Joseph Ferrara
Principals

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.