Like many other development firms, the Clarett Group rode the wave of the real estate boom expertly, building successful condos in Manhattan and other markets across the country. Like a host of other developers, however, the company hit a damaging riptide in Downtown Brooklyn. A few months ago, Clarett's condo, the Forté, went back to its lender, Eurohypo AG. The move was the most boldface example thus far of the difficulties developers have encountered selling condos in Downtown Brooklyn, generally defined as the section of the borough bounded by Nassau Street to the north, Ashland Place to the east, Schermerhorn Street to the south and Court Street to the west. That catch zone encompasses several micro-neighborhoods, including the western edge of Fort Greene. Several big developers are feeling pain in the saturated area, which has been generating a lot of attention lately because three new luxury rental towers are preparing to launch.
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Anonymous
So auction if off , or beg Bloomberg for money. Maybe Blooomberg can buy it at 50% and donate it to charity for the homeless. Doesn't this dude have 20 billion sitting around.
Comment #1 Posted By: Anonymous 11/16/09