Clinton Hill condo-to-rental complete after $21M sale

The long-rumored sale of GLC Group’s 16-story condominium building in Clinton Hill has closed, as a real estate investment group from New York City and Northern California doled out $21 million for the Karl Fischer-designed tower, the Wall Street Journal reported. Rumors of a potential sale surfaced in March, when 35 to 40 percent of the 49 units at 163 Washington Avenue were in contract to be sold for between $250,000 and $767,000. But GLC Group, which purchased the site in 2005, returned buyers’ contracts and entered into an agreement with the investment group, which planned to rent the units. Jason Boxer, a member of the purchasing group, attributed the decision to convert the condos to rentals to the group’s “experience with rental units.” Asking rents for the units range from $1,850 to $4,800 per month and are among the priciest in Clinton Hill, according to the Journal. [WSJ]