Dumbo’s 99 Gold Street hits market

Massey Knakal markets Vinegar Hill condo-turned-rental
By Katherine Clarke | July 26, 2012 11:00AM

Brooklyn-based developer the HK Organization, founded by Harry Kotowitz and Howard Klaus, is selling its Vinegar Hill property at 99 Gold Street, five years after the building made the switch from condominium to rental.

The 87-unit building, which first hit the market as a condo in 2006 but went rental with half the units already in contract in 2007, is being marketed by Massey Knakal Realty Services, according to a release sent to The Real Deal by the commercial brokerage. Listing brokers Robert Knakal, Massey Knakal co-founder, and Stephen Palmese were not immediately available for comment.

An asking price for the 100,000-square-foot property, which was formerly a toy factory, was not specified.

The listing touts the development’s “spacious units” and individual unit balconies with views of the Brooklyn and Manhattan bridges. The building “sits in Brooklyn’s best performing, priciest, and most supply constrained submarket,” it says. “Dumbo’s population has grown threefold over the past decade, pushing rents to levels once only seen in core Manhattan neighborhoods.”

The HK Organization did not immediately respond to a request for comment.

The building is just one of many Brooklyn rentals that were originally designed as condos. As previously reported, a new group of condominium-turned-rentals are currently hitting the market in Brooklyn, such as 111 Kent Avenue and 175 Kent Avenue.

According to Streeteasy.com, there are only three remaining rental units available at 99 Gold, including a 688-square-foot studio, asking $2,650 a month, a one-bedroom, 988-square-foot unit asking $3,500 a month, and a two-bedroom, 877-square-foot unit asking $3,400 a month.