Half Sold, 99 Gold Throws in the Towel, Goes Rental
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…
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]
babs:
I know exactly which TDG agent you are talking about – she is truly terrible. I am a contract holder, and at one point I had to go above her head and tell her bosses that I refused to have any more interaction with her. Just awful.
Buyers have expenses – lawyers fees and loan fees, some have sold their places already thinking they were moving in. It’s messy and upsetting
HK Managment or Kay Organization is scum!
Well if you look at 12.46’s comment it looks like you could train a monkey to do what that agent did there, i.e. open the lock on the door of the apartment.
Glad to hear that the buyers are getting their down payments (plus interest?) back—but think about the agents who worked the open houses every weekend for a year only not to get paid for all of their time. That really sucks for them
The Developers Group is a real estate agency–not developers themselves. Maybe they need a new name so that people don’t confuse the two. I have dealt with sleazy brokers from TDG and honest brokers from TDG…I wonder of the ratio is that different from other firms, or if it seems worse because of the sleazy developers that hire them to sell a cheap product. I would imagine that it would be the Developer’s (Kay org) legal responsibility to contact buyers—but a call from TDG would have been courteous.
The Developers Group chose a cheapo builder (ironically with the name “Superior”) for a place of theirs I lived in for a year on N7 in williamsbrug. Everything had to be re-done – the windows leaked, the skirting board didn’t meet the floor and half the doors had to be re-hung. On top of that the sewage pump in the basement constantly broke and the place smelled awful one week in every four. The finish is superficially good – but examine it very closely before you sign on the line.
I actually toured this place a few weeks ago with a buyer. We were amazed at the shoddiness of the workmanship throughout — not to mention the thoroughly unprofessional attitude of The Developers Group salesperson — she abandoned us in one unit, saying she had to rush off, because she had “a Penthouse Buyer!!!!” This left us enough time to notice the really crappy workmanship — sliding closet doors off their track, baseboards that didn’t meet in the corners (again: you don’t mitre an inside corner, you cope it!), and a sliding door to the steel terrace that was a flimsy as paper.
Breathless salesperson returned (guess the penthouse buyer took one look and fled), and said, “So? Do you want to buy it?” We ponted out the above problems, and without even looing at them, she said, “That will all be fixed — now, do you want to buy it?” We said no thanks and left, but sheesh — the combination of crap construction and sleazy salespeople doesn’t work – got it?
Even Corcoran is a bit stumped at 46 Lefferts — that place really is junk too — who builds a walk-up building nowadays with no laundry facilities? Crazy!
Goes to show, greed-fueled ugliness just doesn’t sell.
here’s the link
http://query.nytimes.com/gst/fullpage.html?res=9904E0DA1030F935A25752C0A9619C8B63
I’m sure the article was posted on this site when it originally came out.
does anyone have numbers for the total number of units expected to come online in the next 1-2 years. If there’s trouble already now, what’s going to happen when all these new condos come on the market.