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Brooklyn Bulk Condo Sale on the Horizon? Ask the Conquistadors.
The conquistadors of Spain came several hundred years ago to the New World, seeking glory, land, and gold. Perhaps that inspired the developers of 306 Gold Street in downtown Brooklyn to call their development Oro, which is Spanish for gold, and, of course, the name of the street location. After all, these developers had the land. Could the development bring them glory and gold as well?
So far, all signs point to aggravation and carrying costs. Of the 303 units in the high-rise, 90 units have closed and 30 are in contract at the 40-story tower in the Flatbush Avenue corridor.
The developers insist that they will keep the units as condos, hoping that further price breaks will make that a reality.
With new rentals going up nearby, and a location not immediately convenient to subway transportation, this will be a very hard sell.
Our office has significant experience in bulk condo sales. We are already working on several quiet such deals in NYC.
On a personal note, I brought the developers an early opportunity to sell the commercial condo space, at a very attractive price, with a quick closing, to a prestigious credit tenant. They turned it down, thinking that if they secured my offer, other, higher offers would soon beckon.
PS The commercial condo space remains empty. Pigs get fat, and hogs get slaughtered.
Perhaps the Gold street conquistadors would have been better advised to invest in the shiny metal instead. Gold is now at $1,045 an ounce. (This may be because of a recent report that global oil producers are planning to stop using the U.S. dollar for oil trade. The new plan allegedly being hatched would end the dollar’s role in oil trade and replace it with a basket of currencies that includes the Japanese yen, Chinese yuan, the euro, gold, and a new unified currency that would be shared by nations in the Gulf Cooperation Council (GCC).
To recap: oro is Spanish for gold; burbuja de oro is Spanish for golden bubble.
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Check out what others are saying about this post...[...] Next month, The Clarett Group will open the leasing office for the tallest building ever built in Brooklyn, the 54-story, 490-unit apartment tower dubbed The Brooklyner. At the same time, Forest City Ratner Cos. will begin marketing its 365-unit rental at 80 DeKalb Ave. Both are following the lead of nearby Avalon Fort Greene, which began aggressively pushing its own 650-unit entry at 343 Gold St. in September. This does not even include the 213 units still holding out as condos at the Oro development at 306 Gold S…. [...]