The Real Deal New York

525 Clinton Avenue gets new life as a rental

July 20, 2012 04:00PM

525 Clinton Avenue (credit: PropertyShark)

The would-be condominium project at 525 Clinton Avenue has found new life as a rental building, Brownstoner reported. The 33-unit building will have prices that range from $2,925 for a one-bedroom to $5,200 per month for a three-bedroom.

Originally, the building was set to have three condo units per floor — spanning from 780 square feet to 2,100 square feet, and ranging in price from $650,000 to $950,000. The project was begun by Karnusa Equities.

As The Real Deal previously reported, the building hit the foreclosure auction block in February of this year. A then-unidentified group, later uncovered to be Bonjour Capital, purchased the mortgages and judgments against the building for $25.5 million. At the time of the purchase, the building was 80 percent complete. According to Brownstoner, work on the building continued in March.

As previously reported, 525 Clinton Avenue was the site of a 2008 accident that claimed the life of construction worker Jose Palacios and injured one other. [Brownstoner]

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