The Real Deal New York

Owner opts for rentals over condos at 75 Clinton

January 26, 2012 06:00PM

Dallas-based investment firm Invesco, the new owner of a planned 74-unit condominium conversion at 75 Clinton Street in Brooklyn Heights, has opted to lease the units instead, Crain’s reported, and will bring them to market in early February.

Invesco, which completed its purchase the building last week, has retained the Marketing Directors as the exclusive marketing firm for the building, in which rents will range from $2,800 a month to $7,000 a month. The condo was never declared effective previously.

Angela Ferrara, vice president of sales for the Marketing Directors, said Invesco had chosen to take advantage of favorable renting conditions in the market.

“The rental market is booming,” she said.

The company isn’t on its own in going for rentals over condos.

The Jardin, a 44-unit condominium at 142 North 6th Street in Williamsburg, is also turning rental, it was reported earlier today. The building will refund the deposits of all buyers in contract. [Crain’s]

  • Turd Ferguson

    probably the ugliest facade ive ever seen. Marshall really cheaped out

  • REman1

    what happened to the conversion on joralemon?

  • realtor

    The finishes in this building are amazing! I walked through the building and for a change the owners really understood what our neighborhood needs. Built to perfection.

    I hope the new owners have good luck

  • 3CPO

    I saw this building as a condo and finishes were amongst the best I’ve seen…also the location doesn’t get much better as far as transportation to the city….does anyone know when the rental office will open and how much the the rents will be for one bedrooms and two bedroom apartments?

  • markpropertyshark

    i remember when they tried underwriting it at 65-70 psf and used townhouse rental in the neighborhoods to support higher pricing. LOL!

  • Scrooged

    It’s a tough space to get the prices they are asking for, but as a rental it could work, though not sure that their lender is going to be too happy with that.