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
“Not everything Goldman Sachs touches turns to gold.”
…only things where they are able to place key people in Government influential positions, and change policy so that they can’t lose.
quote:
Downtown Brooklyn has about as much appeal as Jersey City. .
Jersey City is a REAL city. Downtown brooklyn is an outer borough of a city. therefore Jersey City > Brooklyn.
*rob*
Hey How’s Williamsburg doing??? ROTFLMMFAO!!!!!
You’re Dead!
The What
Someday this Condo is gonna end…
that building is too wannabe manhattan. but it’s very dallas too. remember that show, dallas? lol.
*rob*
Soulless
“I’m sure Goldman had some complex credit default swaps to protect itself from loss of equity in the project.”
This statement proves that Dave is a Day Trading Pole Smoker!
The What (I’m backkkkkkkkkk)
Someday this Condo is gonna end….
It’s amazing how delusional supposedly genius bankers were in financing million dollars condo towers willy-nilly as if everybody and their mother is a rich and stupid.
Downtown Brooklyn has about as much appeal as Jersey City. . . Those condos aren’t worth over $300 a square foot in that location depite endless broker babble otherwise.
So, to bring this down to the every day folk, what, if anything, does this mean to those who already bought in Forte? (besides the usual rantings that they now have an apt. not worth much, blah blah)
I’m sure Goldman had some complex credit default swaps to protect itself from loss of equity in the project.
This is pocket change for Goldman who reported on Aug 5 that they made more than $100MM in trading revenue per day on a record 46 separate days in 2Q.