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]