The Real Deal New York

Posts Tagged ‘oro’

  • From left: Rafa Maciejak and Oro

    With its last apartment now in contract, Downtown Brooklyn’s Oro condominium development has completed sales, according to Rose Associates, the firm handling sales marketing. Located at 306 Gold Street, the Ismael Leyva-designed building, which was first developed by Yaron Herscho, contains 303 units, spanning one-, two- and three-bedrooms. The building first went on sale in 2007. [more]

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  • From left: Avalon Fort Greene, Brooklyner, DKLB BKLN and the Oro

    The Department of City Planning is about to park some good news upon Downtown Brooklyn developers.

    The Brooklyn Paper reported that a new City Planning proposal would reduce the number of parking spaces required in residential developments in Downtown Brooklyn and completely eliminate the mandate from below-market-rate buildings. The proposal will be presented within a few months. [more]

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  • A rendering of the approved project at 313 Gold Street and the vacant lot (credit: Massey Knakal)

    The vacant Fort Greene lot slated for a high-rise companion to the Oro condominium is for sale, Brownstoner reported.

    The site, at 313 Gold Street, was planned to be built to 35 stories and 214 units and to be called Oro 2 by the same developers behind its predecessor, the 40-story Oro at 306 Gold Street[more]

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  • 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. It wasn’t always smooth-sailing for Oro, though, which was originally developed by controversial United Homes owner Yaron Herscho. – Sarabeth Sanders[more]

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  • Oro sells 20 units through rent-to-own

    January 06, 2011 01:00PM

    While the rent-to-own sales plan showed little momentum in many New York City developments recently, Downtown Brooklyn condominium Oro may be finding some success in the strategy. The 303-unit building at 306 Gold Street has sold 20 apartments through the rent-to-own program, according to Robert Scaglion, a senior managing director at Rose Associates, the building’s exclusive sales agent. Oro, which launched sales in February 2007, first began offering the rent-to-own option a year ago. TRD[more]

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  • Roberta Benzilio, an executive director of sales at Halstead, and Toren

    The developer of Toren, the long-awaited condominium at 150 Myrtle Avenue in Downtown Brooklyn, has applied for Federal Housing Administration financing and is scheduled to begin closings by the second week of December, officials said. FHA financing, if approved, would help individual buyers close their apartment contracts, with low down payments and less-than-perfect credit scores, said Roberta Benzilio, executive director of sales in Brooklyn for Halstead Property, exclusive broker for Toren. “I think the FHA approval will help with the buyers who were initially only looking to put 10 percent down,” Benzilio said. “Some people don’t have the cash available.” The FHA program allows new homebuyers to finance up to $729,750 for a new home. The buyers only need a 3.5 percent down payment compared to 20 percent or more required for most bank loans in the current market. … [more]

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  • The Oro tower in Downtown Brooklyn has just cut prices on its unsold condominium units, some by as much as 25 percent. Since it began marketing units two years ago (the development closed its first deals last October) developer Greenfield Partners has sold just 90 of the 40-story building’s 303 condos. Greenfield also announced that it had recently changed listing brokers, swapping out Prudential Douglas Elliman for Rose Associates. Matthew Faris, vice president of Greenfield, said that he expects the new prices and sales team to lure cautious buyers. “The pricing will drive sales,” Farris said. “Right now it’s good to have a cohesive sales and managing team. Buyers need a lot more handholding.”

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  • Between the thousands of condominium developments in various stages of development and the reduction in sales volume, it is not surprising to learn that lenders are taking back the keys for high-rise condo projects or forcing developers to turn their condos to rentals. During the first week of the month, Fortress Investment Group took over the defaulted mortgages and acquired possession of the Sheffield 57, the condo conversion of the 50-story building at 322 West 57th Street. The property was purchased in 2005 for $418 million by a partnership of Kent Swig, Yair Levy and Serge Hoyda.  … [more]

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  • Condominiums in Brooklyn, including BellTel Lofts, One Hanson Place and Oro, still have empty retail spaces. Two of the buildings have lost out on national retailers — BellTel was in discussions with Starbucks, and One Hanson Place lost Borders as a tenant — and now retail brokers are focusing on attracting local tenants. According to Lawrence Lee, vice president with Prudential Douglas Elliman’s Bracha Group, which represents BellTel, said they are looking for a locally owned lounge, restaurant or small grocer. Paul Rich of TerraCRG, who is marketing Oro’s space, said people have approached the company to open a diner or restaurant in the space. And at One Hanson Place, the 15,000-square-foot ground-floor space is being rented for weddings and special events. According to Caroline Pardo, director of leasing at Two Trees Management, “There are definitely more mom-and-pops looking right now than big national tenants.” [Post] and [Post]

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