Prices Drop at the Oro Tower

The Oro, a condominium tower in Downtown that reached completion as the real estate boom went bust, is now cutting its prices by up to 25 percent to boost sales. Since the building’s marketing campaign launched two years ago, only 90 out of the 374 units have closed, reports Crain’s. The publication lists a studio’s current price as $295,000, while another three-bedroom goes for over $1 million, and Street Easy has an active one-bedroom listed for $539,000; you can see all of the listings here. What’s interesting is that in the Crain’s article the developer says that he has no interest in converting the empty units to rentals, as other buildings have done to remain afloat. “Oro has always been a condo building and we intend to keep it that way,” he said. Nevertheless, there are two active rental listings on Street Easy, a studio for $1,800 per month and a one-bedroom for $2,850, suggesting that a couple of the original buyers are feeling a little more open-minded on the rental question.
Condo Prices Slashed 25% at Big Brooklyn Tower [Crain’s] GMAP
Work Resuming at Oro Part Deux? [Brownstoner]
Oro at 306 Gold Street [StreetEasy]