Halstead Property takes over for Elliman at 166 Montague

Boutique condo conversion now a rental
By Candace Taylor | December 01, 2011 05:56PM

It’s been a long road for Brooklyn Heights’ old Franklin Trust office building at 166 Montague Street, which was converted to residential apartments four years ago.

Sales of luxury condominiums in the landmarked 24-unit building, priced at an average of $1,000 a square foot, began in May of 2007. But with the economic crisis in full swing, sales were slow, and the boutique condo went rental this summer.

Now, Halstead Property is hoping to breathe new life into the project. Halstead’s Richard Hamilton, Richard Ingenito and Laura Amin are now marketing 166 Montague, taking over for Prudential Douglas Elliman’s Gregory Williamson.

“The sponsor decided that he no longer wanted to sell units, that he only wanted to rent them,” Williamson told The Real Deal. Six months later, he said, “we decided — it was mutual — to switch it up, and give another broker a try.”

Williamson said roughly 11 units in the building have been sold, and five have been rented.

The Halstead team has listed seven apartments in the building for rent, with monthly asking rents ranging from at $3,500 for a one-bedroom to $7,200 for a two-bedroom with a balcony.

Units in the building are currently only available for rent, but developer United Management may make them available for sale again in the future, Hamilton told The Real Deal.

“We think it’s a beautiful building in a great location,” Hamilton said. “It’s a very upscale area, and we think there’s definitely market for classic-style living [in the neighborhood].”

Originally built in 1892 and designed by architect George Morse, the Romanesque Revival building has been outfitted with Viking appliances, Carerra Marble countertops and steam LG washer/dryers in each unit, he said. The red-granite building, topped with a tile mansard roof, also has a gym, a rooftop deck, and a part-time doorman.

Hamilton said his team will likely adjust the marketing strategy at the project. “We want to raise the profile of what’s going on at the building,” he said.