Clarett, Goldman Lose Control of Forte
Not everything Goldman Sachs touches turns to gold. A multi-million-dollar bet on the Fort Greene condo market appears to have backfired, with the Crain’s report yesterday that control of the Forté Condos at 230 Ashland Place would shift from Goldman, the 75 percent equity holder, and The Clarett Group, the developer, to the lender, Eurohypo…
Not everything Goldman Sachs touches turns to gold. A multi-million-dollar bet on the Fort Greene condo market appears to have backfired, with the Crain’s report yesterday that control of the Forté Condos at 230 Ashland Place would shift from Goldman, the 75 percent equity holder, and The Clarett Group, the developer, to the lender, Eurohypo Bank, which is into the project for $41 million. (Prudential Real Estate Investors also has a small equity stake.) Clarett is proud to have delivered such a beautiful, high quality property—on time and on budget—to enhance the skyline and contribute to the renaissance of downtown Brooklyn, the developer said, in a statement. Unfortunately, the sales market in Brooklyn has not been as strong as Forté itself. A last-ditch marketing makeover by The Developers Group in recent months as well as behind-the-scenes efforts to sell blocks of apartments apparently weren’t enough to save the equity investors, as the project was less than 40 percent sold after two years on the market. Clarett’s nearby project on Lawrence Street, the 51-story Brooklyner, is still expected to begin renting early next year.
Goldman Sachs’ Brooklyn Condo Bet Sours [Crain’s] GMAP
Also…anyone wanna take a bet on the last time ftgreenecorny got laid?
Can you imagine him on a date?
corny: “Yea man, because all these YUPPIES moved in from OHIO and I brought in the Forte Cond!”
Date: “Uh huh”
ROTW: “And like…soon their brownstones will be worth 2.5 million and Black people they’ll have to move back to UTAH so Brooklyn can be the way we like it!:
Date: “Right”
ROTW: “Yea so I’m on this blog. Everybody like, totally knows me, cuz I’m all like: Hey your property will be worth plenty soon! It’s so deck”
Dave: “I want to suck you off in the bathroom stat!!”
The What (That’s all you got?)
Someday this war is gonna end…
Trail of Renter, I know. Look at my post above yours :o).
you may declare victory sr brickoven, but it will not be long that you exist as a handle. there are now 4 HOTD’s in contract to go along with the 6 already sold at 15+% percent over widget. We’ll have to wait for the exact prices, but your call on houses is suffering.
Dave this the first in a series of Nuclear Bombs going off! It’s Farking Over!
The What
Someday this war is gonna end…
Posted by: Return of The What at August 14, 2009 9:56 AM
WOW, at least he spelled “Nuclear” correctly. I bet he doesn’t pronounce it that way.
Speaking of Nuclear, we are still buying GVP.
Dave GS Bed Stuy action is to build housing for lower income minorities. The group that purchased is part of there diversity program and not a for profit group. hate to burst youre bubble.
if they offer 350 per sq ft, I would buy. trade in my inflated unit for a less inflated unit.
Kens: While I am no defender of GS, that story is a complete joke. I am sure DIBS would back me up on this, but anyone with knowledge of financial markets and structured finance could point out that Taibbi gets a ton of things wrong in that article. I find it very amusing that he just says everything is hard to understand, even he does not get it, and he has no money to invest anyway. As if that caveat allows him to then say whatever he wants regardless of accuracy or truth.
He has been attacked by numerous members of the financial press/media and is even supposedly going to debate Charlie Gasparino on CNBC. For a preview picture Cramer vs. Stewart with Taibbi as Cramer and Gasparino in the Stewart role.
Dave, I know lol! Agree with you 100%. I found the article anecdotal, if not funny. They got some facts straight but this journalist is a conspiracy theorist (he’s known to do that before).. Writing wasn’t half bad though and he did sound convincing to anyone who doesn’t really understand exactly what happened.
“Your call for victory for Team Bear is a bit premature unless you are saying we’ve hit that botoom at nowhere near half off peak comps.”
Dave this the first in a series of Nuclear Bombs going off! It’s Farking Over!
The What
Someday this war is gonna end…