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
Dave & What on a date:
What: Yo, Asshat, any final words?
Dave: Why you have a Bat???????
What: I need you to put the gimp in your mouth so you wont scream.
Dave: What, put down the Bat!!!!!
What: It’s been fun Jackass!
Dave: Not the face!!!
What: Goodbye.
**** What drops the bat and takes picture with his camera phone…****
The What
Someday this war is gonna end…
Lincoln, please don’t feed the trolls.
one = won… I need more coffee
I like the location, am slightly distressed at how small the apartments seemed in “So You Want to Be a Supermodel” (which, btw, the Mennonite chick should have one, or Sandhurst) — but the real question I have is, why DOES the building look so grubby and old on the outside? Is there something wrong with the cement? Or is that “weathered” look on purpose?
But it all seems fine to me, if it gets cheap enough. In the long term, I think Forte is a safer bet than the Edge.
Kens: Mental note, be sure to refresh immediately before posting comment!
I know I am late responding but:
Rob, boyfriend is a normal term for someone one is dating. If you don’t like the term, you can go back to your apartment by yourself, cry a bit, bitch about life, and then jack off, which I imagine is what you do on a daily basis with not much else going on.
FortGreene, who the f said I was living vicariously through others. I have a perfectly amazing life, with a great job and live in an awesome building. I have friends. I know it is hard for you to understand that, but it will all be OK. Just stop being a mean douch and I am sure you will find some as well.
M4L and Ironballs;
I have to disagree with you on this one. There is a good chance that this building will become a “defacto” rental. Only 40% of the units are sold, so no bank will finance a purchase by individual owners. It is likely that most of the unsold units will be rented out, either by their new owner or vulture investors. Ditto for the units held by individual investors.
What kind of rent do you think they can pull in, in this market? $25 a foot? If so, you are talking about a GRM of 14 in a troubled building. I don’t so.
I’d say $300 a foot, tops.
IB….looks like a lot of value surfacing down in FL. I don’t have any desire to ever live there.
I’d like to see where prices have gone in Costa Rica and Mexico….kinda like the western hemisphere’s version of Spain to the Brits!!!!
Benson, thank you for answering my question 🙂 (now I can get out of here and the mayhem that has already ensued!)