99goldapril.jpg
Less than three weeks after 133 Water Street went rental (how’s that going, by the way?), another new (well, sorta new by this point) building, 99 Gold Street, has decided to pack it in. The decision at 99 Gold is more surprising and messy, given that roughly half of the 88 units were already in contract; one theory bandied about on local blog DumboNYC yesterday was that all the good stuff had been taken but The Developers Group just couldn’t give away the bottom half of the barrell. As of yesterday afternoon, many of those in contract hadn’t been contacted yet so rumor ruled the day. Clearly those who’ve had money tied up for months and incurred professional fees in the process thus far ain’t gonna be pleased; it’s also debatable whether some of them may have missed an uptick in the market since going into contract last year. Then again, there’s no shortage of condos coming on the market, though we suspect many of these folks will be priced out of buying in Dumbo and end up in Downtown Brooklyn at places like Belltel, Forte and Oro.
99 Gold Withdrawing Offering Plan, Turning to Rentals [Dumbo NYC]
99 Gold [The Developers Group] GMAP
99 Gold: Wassssuuuuppppp [Brownstoner]
99 Gold (Finally) Hits the Market [Brownstoner]


What's Your Take? Leave a Comment

  1. to all the contract holders – congratulations and crack a bottle of bubbly! You have been saved, I lived just down the block from 99 Gold for 2 years (including during the conversion). Surrounded by a power plant, huge housing project, truck lot, and the tow pound! With the exception of the truck lot, none of that will ever change. Blech! The ‘hood sucks. Go send your good money somewhere else.

  2. 99 Gold was original a rental project and then they decided to put them on the market as condos. I don’t know why the contract holders didn’t bother to do their research before signing. All they had to do was Google 99 Gold and they would have known what they were getting into. Many people warned them of the dangers of buying through the Developers Group, of buying from HK/Kay Org, of buying in such a questionable location. That block is in the Farragut neighborhood not Vinegar Hill.

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