Half Sold, 99 Gold Throws in the Towel, Goes Rental
Less than three weeks after 133 Water Street went rental (how’s that going, by the way?), another new (well, sorta new by this point) building, 99 Gold Street, has decided to pack it in. The decision at 99 Gold is more surprising and messy, given that roughly half of the 88 units were already in…
Less than three weeks after 133 Water Street went rental (how’s that going, by the way?), another new (well, sorta new by this point) building, 99 Gold Street, has decided to pack it in. The decision at 99 Gold is more surprising and messy, given that roughly half of the 88 units were already in contract; one theory bandied about on local blog DumboNYC yesterday was that all the good stuff had been taken but The Developers Group just couldn’t give away the bottom half of the barrell. As of yesterday afternoon, many of those in contract hadn’t been contacted yet so rumor ruled the day. Clearly those who’ve had money tied up for months and incurred professional fees in the process thus far ain’t gonna be pleased; it’s also debatable whether some of them may have missed an uptick in the market since going into contract last year. Then again, there’s no shortage of condos coming on the market, though we suspect many of these folks will be priced out of buying in Dumbo and end up in Downtown Brooklyn at places like Belltel, Forte and Oro.
99 Gold Withdrawing Offering Plan, Turning to Rentals [Dumbo NYC]
99 Gold [The Developers Group] GMAP
99 Gold: Wassssuuuuppppp [Brownstoner]
99 Gold (Finally) Hits the Market [Brownstoner]
yeah, you can live in the west village for the same price as these DUMBO rentals. just my two cents.
http://newyork.craigslist.org/mnh/abo/322295042.html
to all the contract holders – congratulations and crack a bottle of bubbly! You have been saved, I lived just down the block from 99 Gold for 2 years (including during the conversion). Surrounded by a power plant, huge housing project, truck lot, and the tow pound! With the exception of the truck lot, none of that will ever change. Blech! The ‘hood sucks. Go send your good money somewhere else.
99 Gold was original a rental project and then they decided to put them on the market as condos. I don’t know why the contract holders didn’t bother to do their research before signing. All they had to do was Google 99 Gold and they would have known what they were getting into. Many people warned them of the dangers of buying through the Developers Group, of buying from HK/Kay Org, of buying in such a questionable location. That block is in the Farragut neighborhood not Vinegar Hill.
Do the tiniest amount of research before you tell us about the deveopers group. The
Marketing Group is a different entity, you know that right? Thank goodness you are all real estate barons because, well, you all seem deficient. What do you do for a living again?
I won’t defend or explain an entity that
I don’t own, but I would get my facts right before I started typing, posting
OLD SCHOOL
Told you so. Having lived through many cycles of the real estate market, this
was a given two years ago.Although I have only been posting for two weeks. Couldn’t help but find your ideas stilted. If you build,
they will come, is no longer true.
The stock market is doing well, hope that will plump things. Tell me again why
you buy in Brooklyn,if you can have better
for the same price in the city.
If you work at home, why Brooklyn.
For the Schools,for the shopping, I think not.
It has always been the case that the best units go first. People with a little bit of money and a little bit of credit often negotiate a better deal
in the inital buy it off the blueprint
submarket. Again, less and less of this, unless it is ultra-lux. There are no
ultra-lux buildings in Brooklyn.
You have to live somewhere,so why not
Brooklyn. The noise factor around
all the construction is detrimental to most.
If the agents are getting nothing, they have to blame their employer for signing such a great deal for them. Time to update your resume?
NO.
TDG is getting nothing.
I’m not convinced the agents will get nothing. Since the developer is the one who is cancelling the offering, there may be a break-up fee they have to pay to TDG (though it may not be as much as the commissions they were expecting).
3:11–The point I was trying to make here was that there are agents from TDG who have worked an entire year on the project who will see no compensation. When was the last time that you worked nights and weekends above and beyond for an entire year and didn’t get paid for it? There are two sides to every story.