The Locale, a four-story, 16-unit luxury development in Greenpoint from TreeTop Development, is going on the auction block November 11, reports Curbed. This is the sign of the times that the media and real estate business have been expecting—developers have already opted to unload their stagnant projects elsewhere, but this is the first in Brooklyn. The building, at 267-269 Kingsland Avenue, offers one-bedroom and one-bedroom duplex units, some with balconies and views of the Manhattan skyline. The auction will be held at the New York Marriott, 333 Adams Street, at 7:30 p.m., where bids will start at $150,000—as low as 25 percent of the original asking prices of $445,000 to $600,000. points out that Brooklyn condo sales dropped nearly 30 percent in the second quarter, and median sales prices fell 16 percent. GMAP P*Shark DOB
First Condo Auction Looms in Brooklyn [Crain's]
On the Block: New Greenpoint Condos Heading to Auction! [Curbed]
The Locale Auction Listing [Sheldon Good & Co]