Stalled Clinton Hill Development Has a New Owner

The Real Deal reports that 525 Clinton Avenue’s third time on the auction block was the charm, as the building now has a new, unidentified owner. The 30-unit development, which is supposedly 80 percent finished, had an outstanding lien of $25.5 million, which the buyer ponied up in full. There’s gossip that the new owner is a private equity firm, and now the big question is when work will resume on the project, which has been stalled for a few years. As the Real Deal notes, when the building was being marketed as a condo, prices were running between $650,000 and $950,000. We’ll see whether it’s turned into a rental when it finally comes back to life.
Mystery Buyer to Complete Ill-Fated Clinton Hill Condo? [TRD]
525 Clinton Avenue: The Song That Never Ends [Brownstoner]
Another Foreclosure Auction Set for 525 Clinton Avenue [Brownstoner]
Foreclosure Auction Scheduled for 525 Clinton Avenue [Brownstoner]
Stop Work Order at 525 Clinton Avenue [Brownstoner]
525 Clinton Avenue: Something Happening Here? [Brownstoner]
Will 525 Clinton Avenue Really Go Affordable? [Brownstoner]
The Ghosts of 525 Clinton [Brownstoner] GMAP