Williamsburg condo Jardin goes rental

The Jardin, a 44-unit condominium at 142 North 6th Street in Williamsburg, will be turning rental, Curbed reported.

The building will refund the deposits of all buyers in contract according to Curbed’s anonymous source who is a buyer. David Maundrell, president of Aptsandlofts.com, the exclusive agent for Jardin, told The Real Deal the decision was “a numbers game,” that had to do with short-term versus long-term capital gains taxes, but did not elaborate on exactly how this would benefit the building. Aptsandlofts.com will remain the exclusive leasing agent, Maundrell said. 

“This follows consideration of unexpected construction overages and current market conditions that have created a strong demand for luxury multi-family properties,” Aptsandlofts.com told buyers, according to Curbed.

Sales at Jardin had been fairly steady, Curbed said. Of the 44 units, 23 units had been sold, at an average price of $770 per square foot.

The average asking price was approximately $824 per square foot, according to Streeteasy.com.

Move-ins are slated for March 1, according to a spokesperson for Aptsandlofts.com. Pricing for the rentals has not yet been finalized. [Curbed]