Developer aims to sell Carroll Gardens condo for $15.5M

December 22, 2011 09:21AM

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Clockwise from top left: ANM Group President Moses Gross, 100 Luquer Street and David Behin, principal of MNS
ANM Group has pulled its Carroll Gardens condominium from the sales market in hopes of selling it to an investor seeking to capitalize on Brooklyn’s booming rental market, according to the Wall Street Journal.

The Karl Fischer-designed 11-story, 20-unit building, at 100 Luquer Street, took years to build thanks to financial difficulty and community opposition that ultimately forced a reduction in height. The homes finally hit the market with MNS brokerage in October, with asking prices starting at $599,000. This week the listings were pulled.

Both MNS and ANM insisted the decision had nothing to do with the sales pace, but that they decided to make the move because of current market conditions. The median sales price in Carroll Gardens was $675 per square foot in the third quarter, while rents at nearby rental 360 Smith Street averaged about $50 per square foot. The developer is seeking $15.5 million for the building.

Industry sources were skeptical that ANM would make the switch if it believed it was going to be able to sell the units at a good price. Instead, Ken Freeman, senior vice president at Massey Knakal Realty Services, said the firm was probably emboldened by the $60 million Atlanta-based Invesco paid for the Arias in Park Slope to enter the Brooklyn rental market. [WSJ]