Forte 100% Spoken For!
Well, that was crazy quick! The unsold units at the Forte condo on Ashland, which were transferred from developer to lender this summer and then put back on the market at massively reduced prices in November, are now all either sold or in contract. Adam Pacelli, the lead Corcoran broker for the building, says that…
Well, that was crazy quick! The unsold units at the Forte condo on Ashland, which were transferred from developer to lender this summer and then put back on the market at massively reduced prices in November, are now all either sold or in contract. Adam Pacelli, the lead Corcoran broker for the building, says that six of the units available for sale have closed, 52 are in contract, and the remainder have pending contracts. Pacelli says Corcoran inherited 70 units to sell. (Streeteasy records confirm the numbers save for one condo the site says still isn’t in contract.) When the condo went back on the market, most units were priced around $500 a foot. Surprised?
Forte Reboot Priced to Sell [Brownstoner] GMAP
Forte Officially Goes Back to the Bank [Brownstoner]
Clarett, Goldman Lose Control of Forté [Brownstoner]
Elan is in a better spot if Park slope is your go to spot. Otherwise there is a reason this building sold out while other price reduced buildings sit- Subway access/Bam/Ft Greene/ potential of Fulton mall/City point and Atlantic yards.
But like I said, if Park slope is your be all end all then yes, Elan is better.
“Surprised?”
Not at all. The bad debt from Clarion was defaulted on and cleared. A vulture came in and scooped it up for much less and was able to unload. This is how the crash works.
But 100% spoken for is a little misleading as only 1% have closed, 75% are actually inked and the remaining are floating around between sponsor and lawyers. But I expect at least 90% to close. We’ll see what really happened (actual closed prices) when ACRIS catches up. -25% on the surface seems about right considering where we are in the crash (half time).
***Bid half off peak comps***
Elan is on 4th Ave — that’s not a better location than, well, just about anywhere besides a toxic waste dump.
g10, ask them to throw in a parking spot, storage, and you’ll take a 2 bdrm for 450k
Benson – I know, it’s totally weird. Elan is in a much better location than the Forte, but again they will have to come down in pricing and I think hire a new real estate team that can market the place better
Kens – ahh, ok thanks for the info.
Good news as that stretch of fulton could use some help.
Bkre;
I think you are referring to me in your post above. Folks can click on the original thread and see for themselves what I wrote at the time. It is not what you claim. To summarize quickly: I wrote that if the unsold units were unloaded on an organization who planned to rent them out, the GRM calculations would indicate $300/sq ft.
rob, I agree, I hate not being able to open windows. And all these floor to ceiling windows, including those in the most high end Manhattan developments, usually only have a tiny part of a window that will open. Sucks.
bkre, I wasn’t the one insisting this has to be 300 psf but I certainly was salivating for 300 psf. at 300 psf, might’ve even bought 2 units