Transplanted CA Condo Developer Spending $87M on NY Projects

NEW YORK CITY-A family-owned condominium developer, previously based in Southern California, is establishing itself rapidly in the New York area after relocating its headquarters here two years ago. The firm’s first local project is now under way in Brooklyn’s trendy Park Slope neighborhood and five other developments are in the pipeline for a total investment of $87 million.

Bluebell Assets, which developed multifamily projects in Los Angeles, Hawaii and Las Vegas for 30 years before moving its headquarters two years ago from West Hollywood, CA to offices in Midtown and Lawrence, Long Island, has broken ground on Prospect Terrace, a $13-million, 30-unit condominium project at 1638 Eighth Ave. in Park Slope. And in January, Bluebell will begin construction on a 10-unit development in Chelsea at 116 W. 22nd St.

According to Ben Bobker, who runs the company with his father Joe Bobker, while the Park Slope project is not expected to deliver until November 2003, “We plan on selling out within the next six months.” Bobker credits much of the interest generated by the project to historically low interest rates. “People are deciding they might as well own instead of renting,” he tells GlobeSt.com. “The economy is obviously down, the stock market is very down, which leads people to put money into their homes.”