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March 30, 2010
Sales of Oro condos reach 50 percent; KPMG report for the ESDC had the total at 75 percent last August
Atlantic Yards Report
You may find this hard to believe, but the "facts" supporting the state's Atlantic Yards legal case may have, in fact, been "lies."
There's even more evidence that the report (dated August 31, posted below) that KPMG delivered to the Empire State Development Corporation on the housing market in Brooklyn contains lies.
KPMG claimed that the Oro Condos in Downtown Brooklyn were 75% sold. That didn't ring right.
The evidence mounted. In September, Crain's reported that prices at Oro had been slashed 25%. On 1/31/10, the New York Times reported that the building was 44 percent sold.
By March, 50%
And yesterday it hit the halfway mark. A press release dated March 29, headlined Oro Condominium in Downtown Brooklyn Hits 50% Sold Mark, stated:
Downtown Brooklyn's Oro condominium, the 303-unit luxury building at 306 Gold Street, has reached the 50-percent-sold milestone with more than 152 units sold. Sales have soared at the 40-story property with 61 deals made since September 2009.
Much of the recent sales success can be attributed to Oro's new marketing strategy developed by Rose Associates when they were designated as the sales and marketing agent for the building last fall. Prices have been reduced to adapt to market conditions, and units were individually re-priced with adjustments from 6 to 25 percent. In addition, a new advertising campaign was launched late last year, the model apartments were redesigned, and the Web site was re-tooled. As a result, sales surged to an average of 10 deals per month.
If 61 deals were made since September, that means that only 91 of 303 units had been sold by the time the KPMG report was finished.
That's 30%. Not 75%. Not even close.
Posted by eric at March 30, 2010 10:59 AM