Oro tower cuts prices by as much as 25 percent

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The Oro tower in Downtown Brooklyn has just cut prices on its unsold condominium units, some by as much as 25 percent. Since it began marketing units two years ago (the development closed its first deals last October) developer Greenfield Partners has sold just 90 of the 40-story building’s 303 condos. Greenfield also announced that it had recently changed listing brokers, swapping out Prudential Douglas Elliman for Rose Associates. Matthew Faris, vice president of Greenfield, said that he expects the new prices and sales team to lure cautious buyers. “The pricing will drive sales,” Farris said. “Right now it’s good to have a cohesive sales and managing team. Buyers need a lot more handholding.”

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