The Real Deal New York

Facing slow sales, Oro introduces rent-to-own program

December 01, 2009 01:27PM

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Inside a unit at the Oro condominium

The Oro condominium in Downtown Brooklyn announced today that it will offer a rent-to-own program for interested buyers. Under the program, 50 percent or more of the monthly rent cost goes toward a down payment. The development, which slashed prices on its units by as much as 25 percent in October, has notoriously struggled with sales in the two years since it began marketing units. As The Real Deal reported in the December issue, approximately 12 buyers at Greenfield Partners’ Oro — at 306 Gold Street — are currently disputing their contracts. The building currently has approximately 40 percent of its 303 units sold and is financially stable, according to Rose Associates, which is marketing Oro. Robert Scaglion, senior managing director at Rose, said that the program has been implemented in order to help buyers secure financing for their purchase. “In today’s market, obtaining financing is often the greatest hurdle,” Scaglion said. “Oro’s rent-to-own program gives buyers the flexibility of having a 12-month period to obtain financing, improve credit scores or make a larger deposit.” TRD

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