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.