Developer aims to sell Carroll Gardens condo for $15.5M

New York /
Dec.December 22, 2011 09:21 AM

alternate
text
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]


Related Articles

arrow_forward_ios
Brooklyn contracts jump in mid-October
Brooklyn luxury home contracts jump in mid-October
Brooklyn luxury home contracts jump in mid-October
Brooklyn luxury contracts led by $10.7M condo, $6.4M Park Slope brownstone
Brooklyn luxury contracts led by $10.7M condo, $6.4M Park Slope brownstone
Brooklyn luxury contracts led by $10.7M condo, $6.4M Park Slope brownstone
Photo Illustration of New York Mayor Bill de Blasio (Getty)
New York Mayor Bill de Blasio starts renovation work on Park Slope home
New York Mayor Bill de Blasio starts renovation work on Park Slope home
Brooklyn luxury contracts heat up in first week of October
Brooklyn luxury contracts heat up in first week of October
Brooklyn luxury contracts heat up in first week of October
The Grand Prospect Hall at 263 Prospect Avenue with former Mayor Robert Wagner (Getty, Jim.henderson/Wikimedia, NYPAP/Illustration by Kevin Rebong for The Real Deal)
How (not) to save a beloved building
How (not) to save a beloved building
Grand Prospect Hall at 263 Prospect Avenue in Brooklyn (Google Maps, iStock)
Grand Prospect Hall to be demolished
Grand Prospect Hall to be demolished
Slate Group's David Schwartz and 541-555 Fourth Avenue in Park Slope (Google Maps, Slate)
Slate buys out AEW, Adam America’s stake in Park Slope homeless shelter building
Slate buys out AEW, Adam America’s stake in Park Slope homeless shelter building
The Grand Prospect Hall with former owners Michael and Alice Halkias. (Facebook via The Grand Prospect Hall)
Grand Prospect Hall sold in Park Slope assemblage
Grand Prospect Hall sold in Park Slope assemblage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...