A rendering of the Jardin, at 142 North 6th Street

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.  [more]

Much of the Williamsburg development activity that stalled as a result of the recession is being revived, the New York Post reported, and most of it will be delivered in the form of rentals.

“There are a lot of buildings in Williamsburg that have gone rental,” said Christine Blackburn of the Corcoran Group. “It has to do with financing. The financing that is available is available for rentals and not for condos. The banks see . . . things leasing for $50 a foot now, and it’s enough for them to lend on.”

Among new rental properties hitting the market are 170 North Fifth Street, a 16-unit development that was initially imagined as condos, which Blackburn is marketing, and the Driggs at 205 North Ninth Street, where 21 of 113 units are already leased, according to the Post. [more]

An upcoming change in mortgage limits could disproportionately affect buyers in New York City because prices are higher than in the rest of the country, the New York Times reported. On Oct. 1, the limit on federally guaranteed loans drops to $625,500 from the current level of $729,750, meaning that buyers in the city and surrounding suburbs will have to come up with larger down payments or have to apply for so-called jumbo loans above $625,000 at higher interest rates.

Because for many buyers neither option may be possible, they are setting Sept. 30 deadlines to close deals before the change. [more]

Aptsandlofts.com President David Maundrell and 904 Pacific Street

[Updated at 6:20 p.m., with comments from Aguayo and Huebener] After two years on and off the market with Aguayo and Huebener, aptsandlofts.com has taken over marketing and relaunched sales at the 21-unit 904 Pacific Street in Crown Heights, said aptsandlofts.com President David Maundrell.

The condominium was last on the market in May for two months before an aptsandlofts.com team led by Steven Laurelli, director of on-site sales, became the new exclusive marketing and sales team around Aug. 8.

The building, dubbed “The Collection,” was originally developed by Eli Karp’s Supreme Builders and Developers, as part of its Hello Living series of Brooklyn apartment buildings, which includes condos at 916, 925, 935, 957 and 1311 Pacific Street and 802 Dean Street in addition to 904 Pacific Street. [more]

Gary Malin, president of Citi Habitats (seated), and Cliff Finn, managing director of new development marketing, at rental tower New York by Gehry

From the August issue: In the past, top-of-the-line, modern finishes just weren’t available in most New York City rentals. Not so in 2011. The economic conditions of the past few years have ushered in an era of new luxury rental buildings, catering to would-have-been condo buyers looking for high ceilings, European-designed appliances, and plush amenity packages that have traditionally only been available in apartments for sale.
For the major players in new development marketing, this shift toward rentals has been shaking up the field. Firms that have always excelled in leasing are now benefiting from an influx of new inventory that fits their niche, while some sales-focused companies are expanding their repertoire to include rentals.
This month, The Real Deal surveyed the city’s new development marketing firms to find out how they’ve adjusted to the changed landscape. [more]

Aptsandlofts.com CEO David Maundrell and 544 Union Avenue (building source: PropertyShark)

Another stalled Williamsburg development site is gearing up for a revival this month, the latest in a trend of busted condominiums-turned-rentals in the neighborhood.

According to David Maundrell, CEO of the brokerage aptsandlofts.com, construction is set to begin “any day now” on a roughly 98-unit, Karl Fischer-designed rental apartment building on the site of the former Beach Russ factory at 544 Union Avenue. Aptsandlofts.com will be heading up the leasing efforts at the building, which is expected to launch in late 2012, he said. [more]

David Maundrell, president of aptsandlofts.com, and 175 Kent Avenue

[Updated July 28 10:15 a.m. with leasing prices from the marketers] The 112-unit rental building at 175 Kent Avenue in Williamsburg is now completely leased, according to its exclusive marketers aptsandlofts.com. Sales in the Chetrit Group-developed building officially launched in April, although some listings appeared on Streeteasy.com months before. Monthly rents range from $2,343 for studios to $5,250 for two-bedroom penthouses, aptsandlofts.com said.

Aptsandlofts.com got a head start on marketing the building by releasing a video game on its site, called Tour de Burg, where players dodged obstacles to arrive at the Williamsburg waterfront property. The 550 winners were given a code that allowed them priority entry into the seven-story building. – Adam Fusfeld [more]

Say ‘Hello’ again to the former Ishi condominium at 542 St. Marks Avenue in Crown Heights, the 36-unit building that’s returning to the market this weekend after a two-year break with a new name and an across-the-board price chop. According to Crain’s, Ishi, originally part of developer Eli Karp’s original Hello Living apartments brand, is to be called Mark Plus Condominiums from now on. The building was at the center of a legal dispute last year between Karp and his investors, who had accused him of pilfering funds from the project. It’s not clear where that clash currently stands, but the building is now under anonymous new ownership, and Aptsandlofts.com has taken over marketing on their behalf. [more]

From left at the Brooklyn Real Estate Summit: Tim King of CPEX, Joe Chan of the Downtown Brooklyn Partnership and Michael Phillips of Jamestown; Michael Zazza of the Zazza Development Group and Susan Pollock of CPC Resources

Though the price disparity in their residential markets may be narrowing,
Brooklyn still lags far behind Manhattan in the number of big national
retailers. That was a major discussion point at the 2011 Brooklyn Real
Estate Summit held yesterday at St. Francis College in Downtown
Brooklyn. Not coincidentally, commercial real estate veterans pointed
to the very neighborhood where the conference took place, Downtown
Brooklyn, as crucial to landing those retailers.

“Brooklyn is too spread out to achieve national retailers in every business
district in the borough,” said Michael Phillips, managing director at
real estate investor Jamestown, which has stakes in Be@Schermerhorn in Downtown Brooklyn and four Manhattan buildings. But, by trumpeting Downtown Brooklyn, where retail traffic is already evident, Brooklyn
can lure the big-box national retailer willing to be a pioneer. [more]

Closings have begun at the Residences at the Williamsburg, the condo portion of the Williamsburg Hotel (note:correction appended) . Two apartments have sold, according to public records, both one-bedroom units, one for $445,000, the other for $456,000, according to Curbed. Another 910-square foot apartment is on the rental market for $4,200 a month after being marketed for sale at $727,000. Another one-bedroom is available for rent for $2,600 a month. The residences were developed by KM Construction and Development Group. [more]