525 Clinton Avenue gets new life as a rental

TRD New York /
Jul.July 20, 2012 04:00 PM

The would-be condominium project at 525 Clinton Avenue has found new life as a rental building, Brownstoner reported. The 33-unit building will have prices that range from $2,925 for a one-bedroom to $5,200 per month for a three-bedroom.

Originally, the building was set to have three condo units per floor — spanning from 780 square feet to 2,100 square feet, and ranging in price from $650,000 to $950,000. The project was begun by Karnusa Equities.

As The Real Deal previously reported, the building hit the foreclosure auction block in February of this year. A then-unidentified group, later uncovered to be Bonjour Capital, purchased the mortgages and judgments against the building for $25.5 million. At the time of the purchase, the building was 80 percent complete. According to Brownstoner, work on the building continued in March.

As previously reported, 525 Clinton Avenue was the site of a 2008 accident that claimed the life of construction worker Jose Palacios and injured one other. [Brownstoner]


Related Articles

arrow_forward_ios
1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building
Bonjour plans 120K sf rental building in East Harlem

Bonjour plans 120K sf rental building in East Harlem

Bonjour plans 120K sf rental building in East Harlem
Dayan’s Bonjour Capital buys UES rental from Glenwood for $150M: sources

Dayan’s Bonjour Capital buys UES rental from Glenwood for $150M: sources

Dayan’s Bonjour Capital buys UES rental from Glenwood for $150M: sources
Glory Capital files plans for BK Heights office conversion

Glory Capital files plans for BK Heights office conversion

Glory Capital files plans for BK Heights office conversion
Extell must pay $1.3M commission to broker after court battle

Extell must pay $1.3M commission to broker after court battle

Extell must pay $1.3M commission to broker after court battle
Bonjour Capital takes over Bed-Stuy rental building stalled for last six years

Bonjour Capital takes over Bed-Stuy rental building stalled for last six years

Bonjour Capital takes over Bed-Stuy rental building stalled for last six years
MNS tapped to lease Manhattanville complex

MNS tapped to lease Manhattanville complex

MNS tapped to lease Manhattanville complex
Balazs Lower Manhattan purchase hit with commission dispute

Balazs Lower Manhattan purchase hit with commission dispute

Balazs Lower Manhattan purchase hit with commission dispute
arrow_forward_ios

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

Loading...