Oro Making Owners of Renters

oro-010611.jpgThe rent-to-own program started last year at the 303-unit development in Brooklyn known as the Oro has been a big success, according to a press release that went out last night. Twenty people ended up going with the option; four have already closed and three are scheduled to close. As for the other 13, we’re not sure, but the presser also references at 70-percent conversion rate, which would suggest that at least another seven rent-to-owners will be closing in the coming months. We’re not sure about the fine print, but based on our cursory understanding of such deals, it sounds like a free option to us, which is never bad.
Oro is an advertiser on Brownstoner

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  • Rent to Own: so does that mean that if you buy, a portion of your already paid rent is taken off the purchase price? Can you negotiate the sale. Curious.

  • Yes, part of your rent goes directly as down payment credit. How much,depends on each building (remember part of your rent is maintenance and taxes and such).

    Not sure about price, it is probably negotiable. The sponsor probably would prefer to sell it to the renter since it is NOT new anymore.

  • This is from December 2009 (Real Deal) about the Oro Program. Actually seems like a good one:

    The Oro condominium in Downtown Brooklyn announced today that it will offer a rent-to-own program for interested buyers. Under the program, 50 percent or more of the monthly rent cost goes toward a down payment. The development, which slashed prices on its units by as much as 25 percent in October, has notoriously struggled with sales in the two years since it began marketing units. As The Real Deal reported in the December issue, approximately 12 buyers at Greenfield Partners’ Oro — at 306 Gold Street — are currently disputing their contracts. The building currently has approximately 40 percent of its 303 units sold and is financially stable, according to Rose Associates, which is marketing Oro. Robert Scaglion, senior managing director at Rose, said that the program has been implemented in order to help buyers secure financing for their purchase. “In today’s market, obtaining financing is often the greatest hurdle,” Scaglion said. “Oro’s rent-to-own program gives buyers the flexibility of having a 12-month period to obtain financing, improve credit scores or make a larger deposit.” TRD