052-55 Abandoned Condos Spread Se FINAL.Indd

C ONDO PLANS COLLAPSE

Van Cortlandt Park Riverdale Developers’ best-laid plansPark stymied by recession Tenafly Williamsbridge A roundup of canceled and reconﬁgured projects Parkaround New York City Bronx Park Harris Park

Ewen Manhattan Park only condominiums, the building into one unit for $22 million, but

Bronx 1 10 West 65th Street by Extell was converted by North Manhat- Park still found no takers. A lis pendens Palisades Interstate Development on the Upper West tan for commercial and rental usePark was ﬁled against the property in Englewood St James Park Side, 87 units. Extell purchased after it failed to sell. (NewCliffs York August. (New York Magazine, Oct. the building in 2004 with plans Sun, June 12, 2008) Inwood Hill Park 19, 2008) Englewood

y Hud so n Pkw y

Henr INWOOD

to renovate the mostly rent-sta- W 20 7th St v e Dyckman St bilized and rent-controlled units 8 The Campbell by Toja Enter- 1 0 thA 13 Lotta Condominiums by Gal v e

Nagle A into luxury rentals or condos, but prises, 148 Chambers Street in Bronx Sela and Eli Idi, 159 West 118th Margare t Corbin Rd Roberto v e Clemente Fort Tryon State Park decided to make a quick double Tribeca, six units. Sales were de- Park Street in Central Harlem, 35

Fort Ge orge A

Hylan

on its investment by sellingTeaneck it to layed until early 2007 because of a Park units. A few of the units went into Cabrini Blv Cabrini d

Riversid e Dr

Crotona W 1 87th St FORT Park Touro College. (The Real Deal, ﬁre during construction, and since GEORGE contract last spring, but when the

v e Claremont Park

Saint Nich olas A June 26, 2008) then nothing has sold. Some of the y Hud so n Pkw y Wash ington Brdg market went south the develop-

Henr Manhattan W 1 81 st St

Alexa nd er ra ns Ma ha tta n Exw y Ha milito n units are being marketed as rent- T B rd g ers rebranded the building the L-

W 1 77th St a shingto n B rd g

Geo rge W d Blv Cabrini

2 20 Pine — The Collection als. (StreetEasy) Dr e rside Riv Hostel. (New York Magazine, Oct. WASHINGTON Leonia High Bridge by Leviev Boymelgreen, 20 Pine HEIGHTS Park 19, 2008)

Street in the Financial District, 9 Drake Hotel site by Mack- Dr HaRiver rlem

v e

Riv eDr rside ash ington A ash ington

413 units. Lev Leviev and Sha- loweOVERPECK Properties, 440 ParkFort Ave- v e 14 M127 by Cardinal Invest- Fort W Fort STATE PARK Edward M Morgan Pl Drakes Lee Macombs Park Riv e rside Dr W Edge combe A Dam Park ya Boymelgreen decided each to nue in Midtown. Macklowe tore W 1 58th St ments, 127 Madison Avenue in Riv e rside Dr

W 1 55th St

Fre de rick Douglass Blv d Macombs Dam Brdg Franz Sigel keep half of this tower following down the historic Drake Hotel Park Midtown South, eight units. Only

v e

HAMILTON 8th A their breakup. With roughly 60 as part of anPalisades assemblage that Dr eRiv rside HEIGHTS two units sold, so the developer de- Park (Sugar Hill) v e Ridgefield St Marys

W 1 45th St Edge combeA 1 45th St Park percent of the units sold,Park Street- would be a mixed-use hotel, res- Brdg cided to market the rest as a high- Riverbank State Park

Riv e rside Dr 20 Hamilton Grange Easy lists 59 rentals, and Curbed. idential and retail complex, and Natl Mon end, furnished hotel and short-

W 1 38th St v e E 1 38th St com received word that 80 of the then ran into financial trouble. v e 19 stay rentals. (Sales associate)

Saint Nich olas A Nich olas Saint W 1 35th St A dam Clayton Powe ll Jr Blv d E 1 35th St WEST Conv e nt A HARLEM CENTRAL St HARLEM Nicholas building’s unsold units are on the Recently, The Real Deal reported v e v e Park v e

Marginal St

Manhattanville

v e

5th A Th ird A

1 2th A E 1 30 th St Saint Clair Pl

Malcolm X Blv d

Se cond A v e E 1 28th St market in bulk for $63.7 million. that publicly traded lender iStarCliffside Willis A 15 Morgan Court by Perlbinder E 1 27th St Edgewater Brdg Ridgefield Park W 1 25th St 7 E 1 26th St E 1 25th St Tribo ro ugh B rd g Hancock Pl 4 Little Financial is considering offers of Fre de rick Douglass Blv d E 1 24th St Realty Corporation, 211 Madison Randalls Ferry Se minar y Row Marcus Island Garvey Park Park

yHud soPkw n y 1 20 th St

Mount Morris Park W Park MountMorris Henr 13

99 John Deco Lofts by Rock- roughly $160 million for its first Dr Morningside Avenue in Murray Hill, 40 units.

3 MORNINGSIDE v e HEIGHTS rose Development, 99 John Street position note on the site, a quar- W 1 1 6th St Morningside A W 1 1 6th St Manhattan E 1 1 6th St Perlbinder sold 19 of the units Morningside Park

v e Jefferson Fairview Park in the Financial District, 442 ter reduction. (The Real Deal, Jan. EAST when the building ﬁrst opened W 1 1 0 th St Fre de rick Cath e dral Pkwy Ce ntral Park N E 1 1 0 th St Manh attanA Douglass Cir HARLEM

Riverside v e Frawle y Cir (El Bario)

Park ribo ro ugh B rd g units. Rockrose purchased this 9, 2009) T in 1985, then marketed the rest Moonachie W 1 0 6th St A mste rdam A E 1 0 6th St Wards The Island

Great Park

B ro a d w a y Hill rental building to convert it into Dr FDR as high-end rentals. In 2007, the Astoria Park East condos. With slow sales, units re- 10 East River Project by East Riv- Meadow developer gut-renovated the re-

v e Hds k y Pkw n so yHud

Riv e rside Dr eRiv rside 97th St T ransv e rse Rd

Henr W 96th St cently became rent-to-own. (New er Realty Company, First Avenue Madison A E 96th St maining units to sell as condos,

Joan of Arc Park UPPER York Times, Dec. 27, 2008) between 35th and 41st streets in WEST E 90 th St but after selling only 11 of them,

v e SIDE 6th St Transv e rse Rd Carlstadt 8 Queens v e

Le xington A North Central v e Carl

Park A Midtown East, 4,100 units. De- W 86th St Park E 86th St 1 st A Schurz started a rent-to-own program Bergen Park

Great YORKVILLE

v e Lawn UPPER 4 352 West 123rd Street in veloper Sheldon Solow’s partners Riverside EAST this past fall. (StreetEasy; sales

Park Ce ntral Park W Columbus A W 81 st St SIDE

v e W 79th St E 79th St ork A

Y West Harlem, ﬁve units. The entire dropped out of the massive, mixed- 79th St T ransv e rse Rd associate)

Guttenberg v e W 77th St The John Ramble Jay building is being offered for $4.2 use project south of the United Na- W End A Park

W 72nd St Strawberry E 72nd St Fields

yHud soPkw n y 16 Sunnyside Garden Park million, down from $5.2 million. tions, and he doesn’t have an an- Henr Nobu Hotel and Residences LINCOLN Sheep ROOSEVELT 1 Meadow The SQUARE Mall ISLAND v e Greenland Park

5th A v e LENNOX A broker told New York Magazine chor ofﬁce tenant. He’s also ﬁghtWest New- 65th Stre e t T ransv e rse Rd by Kent Swig, 45 Broad Street in York 3rd A HILL E 63rd St

Heckscher E 62nd St v e yHud soPkw n y Playground

that the developer is “impatient” to ing with the State Department of A 2nd the Financial District, 77 units.

Henr Damrosch E 61 st St Park Fdr Dr E 60 th St Queensbo ro B rg Co nn Queensbo ro bus Cir m Ce ntral Park S u l B rd g 22o C W 58th St Grand A Grand Plz rmy 9 sell and that the building may be- Environmental Conservation over W 57th St Lehman Brothers began foreclo-

TURTLE BAY 21 (Midtown East) come a U.N. consulate. (New York $250 million in cleanup money. Dewitt E 53rd St sure proceedings in January on Clinton Park

CLINTON v e

Magazine, Oct. 19, 2008) (New York Post, Jan. 15, 2009) FirstA the mixed-use building, which THEATER E 48th S t DISTRICT MIDTOWN v e also includes 128 hotel rooms and

ande rbilt A

ve v e

v e

12th A

1 1 th A v e

W 42nd St Park A

Unite d Nations Plz v e E 42nd St Queens Mid to wn T

Weehawken v e DyeA r

1 0 th A unnel 5 by 11 7th A Bryant 13,000 square feet of retail. (New 446 West 38th Street The Exchange at 25 Broad 5 Park Linco ln T unnel v e nue Of Th e A me ricas Linco ln T unnel A MURRAY W 39th St HELLS W 38th St GARMENT HILL 10 DISTRICT 15 TUDOR Secaucus KITCHEN CITY Daniel Platousky in Hell’s Kitch- Street by Swig Equities in the Fi- v e York Observer, Jan. 23, 2009)

v e

v e v e

Fash ion A

9th A

Park A

W 34th St 1 stA

Dye r A 14E 34th St

v e en, six units. After nothing sold, nancial District, 306 units. Nu- v e

3rd A

W 31 st St v e 2nd A 2nd

W 30 th St 8th A MIDTOWN Chelsea KIP'S 17 all units were pulled from the merous construction delaysUnion and Park SOUTH BAY One 7th by REcappartners, 1 City CENTRAL E 25th St Madison market; the entire building then at least one lawsuit have plagued v e Square 24Th Seventh Avenue South in Green- Street W 23rd St 7th A Park E 23rd St

v e S Park

CHELSEA Park A FLATIRON was offered for sale, but was also the luxury conversion. There are STUYVESANT wich Village. No units sold, so the DISTRICT Gramercy Park 2TOWN3 GRAMERCY Stuyvesant Union Square Square PARK

11th A

v e nueC A taken off the market. (New York no recorded sales in the building, Union Sq E E 1 5th St developer turned them into rent-

ve v e nue Of Th e A me ricas

W 1 4th St E 1 4th St A E 14th St 17 Unio n Sq W E 1 4th St 6 12 Gre enwich A GREENWICH v e VILLAGE

Magazine, Oct. 19, 2008) the sales ofﬁce is now closed and v e als. The units are still on the mar- 4th A 4th

W 8th St 8th St Tompkins

v eS Square East River foreclosure proceedings against 7thA Wash ington ket even though tenants occupy WEST Sq N EAST Park Washington ash ington Sq W

W Square VILLAGE VILLAGE W ash ington Sq E ash ington Sq S Coope r Sq W Hoboken

Ch ristoph e r St v e nueD

6 643 East 11th Street in the developer began in Novem- A them, but no favorable offers have

v e nueA

v e nueB

v e nueC

A A Hamilton

Gre e nwich St e nwich Gre NOHO E Houston St V Laguardia Pl Hudson St arick St Fish Park Walker Clinton St

Columbia St the East Village, 11 units. Only ber. (PropertyShark; The Real Park FDR Dr come in. (Developer) W Houston St Sarah D l n St lle A g

Roosevelt De lance y St Willia msburg B rd Lafaye tteSt Pkwy De lance y St De lance y St SOHO Ke nmare St Bowe r three units sold, so the devel- Deal, Jan. 5, 2009) Pl vCle e land LITTLE y ITALY East Canal St Grand St BOWERY River

unnel St est atts St Park W W Seward Ho lla nd T W Broadway LOWER oper put at least one unit up for Park 18 Rector Square by YL Develop-

EAST Corlears arick St arick

V SIDE Hook Front St Park CHINATOWN E Broadway Pike St rent while the others are on the 12 Hudson Blue by Horizon Glob- Columbus ment, 225 Rector Place in Battery Park Rutgers Foley Park Square Ce ntre St South St

8 Park Row market. (StreetEasy) al, 423 West Street in the West Vil- Ma nha tta n B rd g Park City, 304 units. The build- Ch ambe rs St CIVIC Thompkins Park 24 CENTERA TWO TRIBECA v e nue Of Th e Fine st SaintBRIDGES Jame s Pl Kearny ch St Barclay St Ch ur lage, six units. No sales were ever Park Row ing began sales in July 2007 and North Park 3 B ro o kly n B rd g Empire- Fulton Ferry WTC Fulton St State Park Maide n Ln 7 Bridges NYC North by North recorded here, once rumored to be Libe rty St 2 Pe arl St is 40 percent sold. Now some of 18 LibePlz rty BATTERY nwichGre e St rinity Pl rinity Wall St

Jersey T 11 PARK ate r St Manhattan Construction, 2283 the future home of Leonardo Di- W the units are up for rent, and it ap- City CITY Exch ange A ly Morris 1St 6 Rector

Park Gre e nwich St e Gre nwich Third Avenue in East Harlem, Caprio. The developer then, curi- y Pl pears construction is stalled. (The Batte r Brooklyn Wh ite allh St FINANCIAL State St Battery DISTRICT 18 units. Originally envisioned as ously, turned the 12-story building Park Real Deal, Jan. 22, 2009)

B ro okly n B atter

y T November 2006 www.TheRealDeal.com unnel www.TheRealDeal.com February 2009 00 Ellis Island 53 National Institute Monument Park

Liberty State Park

Prospect Park Statue Of Liberty Nat'l Monument

Red Hook Recreational Area

Newark C ONDO PLANS COLLAPSE

��

19 �� Riverton Houses by Stellar ��

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�� Management, Fifth Avenue and ��

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�� 20 ��

�� 135th Street in Harlem, 1,228 ��

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pated defaulting on its $225 mil- �� 8 �� 2��4 16 �� lion mortgage because it wasn’t �� eek �� Newtown Cr ��

�� 21 �� able to evict enough rent-stabi- �� 15�� lized tenants to make the proper- ��

Brooklyn �� ties proﬁtable. As of December, the ��

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�� off foreclosure. (Various news re- ��

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�� 27 �� 14 �� 22 �� 6 �� 25 �� 13 �� 2 �� 11 �� 18 �� 20 �� by Apollo Real Es- �� Savoy Park �� 10 �� 4 �� tate Advisors, 45 West 139th Street �� 9 � �� 26 �� in Harlem, 1,802 units. Apollo re- ��

28 ��

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at a high risk for default. (Crain’s ��

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�� New York, Sept. 28, 2008) ��

�� 7 ��

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�� 21 �� Shangri-La Hotel and Condos ��

�� 5 ��

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�� by RFR Holdings, 610 Lexington �� Avenue in Midtown, 66 units. A ��

�� YMCA was torn down to make way ��

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�� which has yet to secure ﬁnancing. ��

�� (New York Post, Jan. 15, 2009) ��

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�� 22 �� Shefﬁeld57 Condominium ��

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�� by Swig Equities, 322 West 57th �� Street in Columbus Circle, 580 �� units. Most recently, a private eq- �� uity ﬁrm sued Swig, alleging he ar- ��

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�� tiﬁcially inﬂated his stake in the ��

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�� luxury conversion. He’s also been ��

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�� sued by rent-stabilized tenants ��

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�� and has $2.8 million in mechan- ��

�� ic’s liens ﬁled against the project. ��

�� Fewer than half the units are sold ��

�� in this luxury conversion job after ��

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�� more than two years on the mar- ��

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�� ket. (The Real Deal, Jan. 5, 2009) ��

��

�� 23 Stuyvesant Town and Peter ��

�� Cooper Village by Tishman Spey- er, 20th Street and Avenue C, 11,227 units. Already embroiled 8 240 East by GW Develop- in legal battles from rent-stabi- ment of NY, 240 East Richardson lized holdouts from the complex’s Brooklyn Street in Greenpoint, seven units. Mitchell-Lama days, Tishman available in Dumbo in May 2007, million, and just reduced the ask- All the listings were pulled off the may only have six months of re- 1 99 Gold Street in Dumbo, 133 Water Street was one of the ing price to $2.3 million. (Brown- market, and the former broker serves remaining to pay interest 88 units. The Developers Group earliest condominium buildings stoner, Jan. 23, 2009) said they’ve since been rented. on loans, it was recently reported. had half the units sold before the to go rental, before it even hit the (Sales agent) Fitch Ratings determined there is offering plan was withdrawn and market. (Brooklyn Daily Eagle, 6 192 Spencer Street, Bed- not enough income from the de- the building went from condo to May 31, 2007) ford-Stuyvesant, 47 units. After 9 Atlantic Yards by Forest City velopment to pay the debt service, rental. (DumboNYC, April 25, making price cuts and still fail- Ratner Companies, Atlantic and fueling rumors of foreclosure. (The 2007) 4 134 St. Marks Place in Park ing to move units, this Piet Mon- Flatbush Avenues in Prospect Real Deal, Jan. 22, 2009) Slope, 7 units. No sales have been drian-inspired building turned Heights, 900 units. In December, 2 110 Livingston Street by Two recorded after more than a year rental. (Brownstoner, March 25, Ratner told city and state officials 24 Trinity Stewart Condominium Trees Management in Downtown on the market, and a lis pendens 2008) the first phase of construction by Linea LLC, 8-10 Warren Street Brooklyn, 300 units. Two Trees was filed against the property in would include 900 rental units in Tribeca, 14 units. The developer sold 260 units, then marketed October. (PropertyShark) 7 710 Sixth Ave by Ali Azad in in three towers, which were orig- was having trouble selling the last the remaining 40 as rentals. (The Greenwood Heights, 15 units. Only inally planned as condominium unit, so it was marketed as a rental Real Deal, July 1, 2008) 5 185 Ocean Avenue, Pros- one sale had been recorded in the and office space, according to the this winter for $11,000 a month, pect-Lefferts Gardens, 20 units. building last summer after a year Daily News. (Daily News, Dec. 23, but the broker marketing it said of- 3 133 Water Street by Water With only the foundation poured, on the market; the rest of the list- 2008) fers are coming back too far below Street Realty Group in Dumbo, the developer put the project on ings were removed and the building the asking price. (Sales associate) 52 units. With few new rentals the market in November for $2.5 turned rental. (StreetEasy) 10 Baltic House by United Man-

54 February 2009 www.TheRealDeal.com www.TheRealDeal.com November 2006 00 C ONDO PLANS COLLAPSE agement, 360 Baltic Street in Boe- nally planned as condos, the they’re finished. (New York Ob- they are being marketed as rent- would “just take too long to sell.” rum Hill, nine units. With only project went to market as rentals server, Jan. 20, 2009) to-own, with 100 percent of the (The Real Deal, Nov. 3, 2008) two units sold, Halstead is mar- in July. A commercial unit was rent going toward closing costs keting the rest as rent-to-own. sold to Sabass LLC for $1.4 mil- 20 Loft 305 by Bronsman Fisch- if a deal is signed within the first (The Real Deal, Dec. 10, 2008) lion in December. (Curbed, July er Real Estate Holdings, 305 Mc- six months of occupancy. (Street- Selected 23, 2008) Guinness Boulevard in Green- Easy) Queens projects 11 Be@Schermerhorn by SDS point, 38 units. Nothing in this Procida, 189 Schermerhorn 16 The Decora by MKD Group, building has sold and the units 25 One Brooklyn Bridge Park Fusion by the Roe Corporation, Street in Downtown Brooklyn, 165 North 10th Street in Wil- were recently taken off market. by RAL Companies & Affiliates, 4251 Hunter Street in Long Island 246 units. Sales began in Sep- liamsburg, 14 units. Friends (StreetEasy) 360 Furman Street in Brooklyn City, 24 units. Half the building tember and not a single unit is and family snatched up some of Heights, 447 units. Once one of has sold; the developer is market- in contract. A handful were just the units. For the rest, the devel- 21 The Metropolitan, 349 Met- the borough’s most promising new ing the rest of the units as rentals. taken off the market. (Brown- oper has offered a rent-to-own ropolitan Avenue in Williams- developments, only one-third of (StreetEasy) stoner, Jan. 20, 2009) program, in which 14 months’ burg, 40 units. The developer is the building has sold, spurring the rent goes toward the purchase, in default on his primary debt Brooklyn Bridge Park Develop- Sky View Parc by Muss Develop- 12 Bridgeview Tower, 189 Bridge equaling 10 percent of the asking and can’t close on the 18 units in ment Corporation to cancel other ment, Roosevelt Avenue and Col- Street in Downtown Brooklyn, 59 price. (The Real Deal, Oct. 2008) contract because the building is planned residential developments lege Point Boulevard in Flush- units. After more than two years unfinished. The remaining units within the waterfront park. The de- ing, 1,100 units. This is one of on the market, only 11 sales have 17 The Green Church project or the entire building is being veloper said that while there is an the city’s largest projects. With closed. Some are now being rent- by Abe Batesh, Fourth and Ov- marketed as a bulk investment. option to rent the remaining units, construction of Phase I well un- ed, and others are marketed as ington avenues in Bay Ridge, 72 (The Real Deal, February issue) he’s continuing to sell them as indi- der way, work recently halted be- rent-to-own. (New York Times, units. After the developer waged vidual units. (New York Post, Jan. cause of a lender’s strike. A third Dec. 27, 2008; Brownstoner, a dramatic, successful battle to 22 Myrtle Avenue Project by 22, 2009; outside source) of the 448 condos and 70 percent April 7, 2008) raze the historic church for con- Red Apple Realty, 202 Myrtle of the retail space in Phase I is dos, he changed his mind and Avenue in Downtown Brook- 26 One Hanson Place by the Der- already reserved. (Crain’s New 13 Carlton Mews in Fort Greene, decided to sell the site. Recently, lyn, 660 units. The four-building mot Company, Fort Greene, 179 York, Jan. 23, 2009) 233 Carlton Avenue in Fort the local community board ap- project by supermarket magnate units. With more than 100 closed Greene, 40 units. Most recently proved plans to build a school John Catsimatidis was downsized sales after two and a half years on The View at East Coast by Rockrose, a deal to sell the undeveloped site there. (Brooklyn Paper) to one building, for starters, and the market, 21 units appeared “for 4705 Center Boulevard in Long Is- to a Brooklyn co-housing group plans for affordable housing were rent” on StreetEasy in January. land City, 184 units. As of Decem- fell apart because the developer 18 Forte by the Clarett Group, axed due to lack of bond financing. (StreetEasy, Jan. 8, 2009) ber, only 18 units had gone into wanted too much money, accord- 230 Ashland Place in Downtown (Brownstoner, May 23, 2008) contract since they hit the market ing to one co-housing member. Brooklyn, 108 units. Sales have 27 Oro I and II by United Homes, last summer, despite a 110 percent (Brownstoner, Dec. 18, 2008) closed on only 32 units. The de- 23 The MYNT by Chetrit Group, 306 Gold Street in Downtown buy-back guarantee if the owner veloper is considering turning 756 Myrtle Avenue in Clinton Hill, Brooklyn, 303 units. With sales decides to sell after five years. Now, 14 The Clermont by BRP Devel- the rest into rentals, but none 72 units. Originally planned as con- sluggish at the first Oro, the according to a broker on the blog opment, 375 Myrtle Avenue in have officially hit the market. dos, the units ultimately debuted as neighboring site has been left as OuterB, Rockrose is testing the Clinton Hill, 52 units. Zero units (The Real Deal, Oct. 6, 2008) rentals. (Curbed, July 26, 2007) a hole in the ground. Now the de- rental market with 30 units. (Out- sold after eight months on the veloper plans to turn the second erB.com, Jan. 11, 2009) market, so BRP switched market- 19 The Knickerbocker by Hud- 24 Northside Piers by Toll building into two hotels. (Brown- ing firms and turned the entire son Companies, 320 Knicker- Brothers City Living, Kent Ave- stoner, various dates) View 59 by Crescent Street, 24-15 building into rentals. (Brown- bocker Avenue in Bushwick, nue and North 5th Street in Wil- Queens Plaza North in Long Island stoner, Oct. 27, 2008) 49 units. The project manager liamsburg, 450 units in two tow- 28 Tonacchio Building by Domi- City, 35 units. After 19 months on recently told the New York Ob- ers. Pre-sales were strong on the nic Tonacchio, Warren Street and the market, the developer had sold 15 The Continental by Isaac server he’s glad this conversion first tower, but the waterfront Fourth Avenue in Park Slope, 27 units, then in May decided to of- Hager, 185 South 4th Street in will take a year, but admitted project was just too big to beat 49 units. Tonacchio turned the fer the remaining 11 as rentals. (The Williamsburg, 46 units. Origi- the units might be rental once the economic slowdown. Now building rental because the units Real Deal, July 1, 2008) TRD

Downturn from page 52 she said, “All my clients are looking burg, is offering a one-bedroom, ways demand for cheap accom- be using their building as a ho- the market is on the group’s side. for a rent-to-own option.” $530,000 apartment for $2,850 modations in New York. tel.” “We are looking at projects David Maundrell, president of per month, with the option to put A Manhattan broker, who Although a deal between a that are completely finished but aptsandlofts.com, said that with- that money toward a down pay- asked not to be named, said he’s Brooklyn Cohousing group and are sitting empty or near empty; out much push, his firm has been ment. He said he’s signed two oth- seeing more apartments convert- the developer of Carlton Mews, projects that are half built; and seeing two or three rent-to-own er rent-to-own deals in the build- ed into nightly and extended-stay a planned condo and townhouse projects that have not begun con- contracts a month. ing so far. hotel rooms, however unpleas- project in Fort Greene, fell apart at struction. There is a lot out there,” The scenario only works with Given the sheer volume of con- ant that may be for the few condo the last minute, one of the group’s he said, adding that his group is buildings that have closed sales dominiums that were planned or owners there. founders, Alex Marshall, said its focusing its attention on the Pros- and immediate occupancy, he entered the market during the He pointed to the new Web site only challenge now is “sorting pect Park area. said, and it is more successful boom years, it’s not surprising that for M127, a luxury condominium through all the opportunities to Not all “creative solutions” when developers keep renters’ they are not all successful now that in Midtown South that sold just find the ones that are right for us.” have proved successful. needs in mind. For example, he the market has turned. two units but now boasts five-star This summer, The Real Deal Horizon Global had difficulty said some brokerage firms put In Harlem, Harris said she accommodations starting at $385 featured Marshall’s group — selling its six-unit, 12-story proj- a premium on monthly rents — views youth hostels, like the new per night. which aspires to build a commu- ect on the West Side Highway, say, a $4,000 monthly apartment L-Hostel that replaced Lotta “It’s kind of a shady subject nity of private homes that have Hudson Blue, so the developer priced at $5,300 — which isn’t at- Condominiums, as “the next big because sometimes in the offer- shared common spaces and deci- converted it into one huge, glassy tractive to renters. thing to make money.” Profits are ing plan there are rules [against] sion-making, similar to a condo or mansion with a $22 million asking One 14-unit building Maun- maximized because several beds this,” he said. For the two people co-op but more intimate — when price. The property has not sold, drell is marketing, the Decora at crammed into a single room rent who own in the building, “I’m sure it was having greater difficulty ne- and a lis pendens was filed against 165 North 10th Street in Williams- at $40 per night, and there’s al- it’s not pleasant for somebody to gotiating with developers. Now, the developer in August. TRD

00 November 2006 www.TheRealDeal.com www.TheRealDeal.com February 2009 55