The Real Deal New York

More than 200 units closed at DoBro’s Oro

July 07, 2011 01:28PM

Downtown Brooklyn’s Oro condominium, the 40-story tower at 306 Gold Street, has closed more than 200 of its 303 studios and one-, two- and three-bedroom units, bringing the building to roughly 65 percent sold and occupied, according to an announcement today from Rose Associates, which is handling sales. That’s a significant spike from last November, when PropertyShark.com reported that 63 units had closed; even then, it was ranked as the city’s seventh-best-selling building of 2010.

“In May alone, we sold 12 homes — and nine of those have already closed,” said Robert Scaglion, a senior managing director at Rose.

It wasn’t always smooth-sailing for Oro, though, which was originally developed by controversial United Homes owner Yaron Herscho. Herscho was bought out of the project by equity investor Greenfield Partners in 2008 after the recession hit, and a plan for a “twin” apartment project in an empty lot across the street never materialized because Herscho couldn’t secure construction financing.

In 2010, Oro began offering prospective buyers the option to test-drive the building through a rent-to-own program, and as The Real Deal reported in January, it met with some success, selling at least 20 units that way.

Remaining apartments now range in price from $360,000 to $945,000, Rose said today. Amenities include a heated, indoor lap pool, two-story fitness center, screening room and lounge with a wet bar and billiards. – Sarabeth Sanders

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