From left: Aptsandlofts President David Maundrell and the Jardin's courtyard
Williamsburg’s condominium-turned-rental development the Jardin released pricing information to The Real Deal as it prepares to hit the market today. The 44 units are a mix of 941-square-foot duplex studios, 697-square-foot one-bedrooms and 1,100-square-foot two-bedrooms that will start at $2,769, $2,579 and $3,600 per month, respectively, according to the building’s leasing brokerage Aptsandlofts.com.
As previously reported, developers Read Property Group converted the condo project to rentals last month, despite having sold about 25 units to buyers who already committed down payments since sales launched last summer.
It marked the second time units in the building were sold before buyers were turned away. Thirty-nine units were in contract in 2008 before the building, at 142 North 6th Street, was taken off the market due to financial difficulties.
This time around, buyers who expected to take occupancy in the building this month were told the building was no longer for sale and recouped their deposits plus interest. The Wall Street Journal reported today that although many buyers are angry with the outcome, in part because they lost legal and inspection fees in the process, there’s little legal action they can take.
“That’s the tough part about my business, where I have a sponsor on one side who’s all business and the other hand this is the place where people are going to live,” said Aptsandlofts.com President David Maundrell.
Read is one of several Brooklyn developers who switched condos to rentals in recent months to take advantage of a tight leasing market with sky-high rents. — Adam Fusfeld
