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
quote:
“my boyfriend”
what are you, 12?
*rob*
PS, to the tenants living there they might as well raze it. I should clarify the imediate area around forte not so prime. Just like the rest of NYC a few blocks and you’re either in a charming place or …..
My friend owns the Penthouse in this building. I remember when I went with my boyfriend, he was kinda upset he bought in a pre-war building in North Slope because of how great the views from the Penthouse were. I, frankly, loved the views too and the access to the rooftop. That said, the building where my boyfriend bought recently sold an apartment (as in a month ago) for a bit over what he paid and with fewer renovations. So, I guess maybe it wasn’t such a bad call after all.
On another note, do you think they are going to be deals in that building after this little switch-a-roo?
Goldman is smart they are walking away from a bad trade early. Goldman just showed NYC the true condition of the real estate market. Anybody who was wondering how the hot summer market has gone here is youre answer. I call victory for team bear
Hey What, you pole smoking numbnut douchebag, welcome back.
BTW, we’ve been buying GS since about $139, uts now $164 and likely to get to $200 pretty soon.
You making any money this summer or just full of bitter rants????
Sounds like you cut your vacation short. Did the good economic numbers scare you???
DeLepp-
It -is- not -was- on a crappy stretch of Fulton. They haven’t razed it yet.
And the crappy stretch just starts at the Forte. Its still pretty prime FG.
theandrewlee, did you read the Goldman consipracy article or something? According to it, Goldman was PLANNING this all along.
Hey what happen to the Forte Ad????——>>>>>>
The What (Buh Bye)
Someday this war is gonna end…
The bdlg was on a crappy stretch of Fulton. The outside looks dirty, though it was convenient to Flatbush(what a selling point) and BAM. The poor 40% folks will have trouble getting repairs done if needed.