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August 13, 2009
Good Luck on That Condo Thing Bruce
Develop Don't Destroy Brooklyn
Bruce Ratner wants to build 1,930 luxury condo units not far from this site:
Goldman Sachs' Brooklyn condo bet sours
The company, along with partner The Clarett Group, is negotiating with German lender Eurohypo Bank to turn over the 30-story Forté tower after sales went nowhere.
Crain's
By Amanda FungForté, a 30-story luxury residential tower in the Brooklyn Academy of Music cultural district in downtown Brooklyn, is underwater.
Manhattan-based developer The Clarett Group confirmed Thursday that, along with its majority partner Goldman Sachs Group Inc., it is negotiating with the project’s construction lender to transfer control to the lender. After two years of marketing, the 108-unit, upscale FXFOWLE Architects-designed building is only 37% sold.
NoLandGrab: This doesn't bode well for sales of not-designed-by-Frank Gehry Atlantic Yards condos. The Forté is about as close to Atlantic Terminal transit as any of Ratner's buildings would be, and it's a nice building (we've been there) with spectacular views. Goldman, by the way, is lead underwriter for Atlantic Yards arena bond sales.
Posted by eric at August 13, 2009 6:08 PM