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Another stalled Williamsburg condo going rental after Gluck buy
Laurence Gluck’s Stellar Management has purchased the stalled Williamsburg condominium project at 111 Kent Avenue for $24.6 million and plans to revive the property as a 62-unit rental. According to Crain’s, Stellar partnered with Largo Investments in the acquisition from Garrison Investment Group, which paid $43 million to take it off the original developers’ hands this past November. The developers had defaulted on their $1.3 million loan two years ago after listing the condo units for between $575,000 and $1.1 million apiece. The Stellar-Largo venture plans to invest $8 million to finish construction at the seven-story, 73,000-square-foot property, which is around 90 percent complete, and launch its leasing efforts this summer. Rents have yet to be determined, but occupancy is slated for the fall. [Crain’s]