Bankruptcy Forces Sale of Viridian
The Viridian, Magic Johnson’s foray into condo development in Greenpoint, has hit a wall. After hitting the market in September of last year, the 130-unit project went rental in December. Now, reports Curbed, the developer has declared bankruptcy and the entire building is on the chopping block for $65 million, or an average of $500,000…
The Viridian, Magic Johnson’s foray into condo development in Greenpoint, has hit a wall. After hitting the market in September of last year, the 130-unit project went rental in December. Now, reports Curbed, the developer has declared bankruptcy and the entire building is on the chopping block for $65 million, or an average of $500,000 per apartment. Marcus & Millichap has the listing. GMAP
“my townhouse in Clinton Hill is the only asset I have that isn’t worth 50% of what I paid for it”
Yet.
***Bid half off peak comps***
“Forte is serving Skittles”
Glow-in-the-dark skittles.
***Bid half off peak comps***
CQwatcher, do you know a lot of people that aren’t going broke right now? My 401k is worth nothing, and my townhouse in Clinton Hill is the only asset I have that isn’t worth 50% of what I paid for it. It’s the only thing that isn’t a veritable junk bond now.
If it talks like an asshat, walks like an asshat and goes broke like an asshat …
“Is Magic Johnson an Asshat What? Serious question…”
Him and the rest of the Assheads who sucked down the Kool-Aid!
Note: The major developers are running out of money!! If you was a dumb Asshat who brought Pre/New construction, you get a I-Beam shoved up your ass…
The What (Forte is serving Skittles)
Someday this war is gonna end…
looks nice. what’s a 1br rent for?
“the price/rent ratio has to make sense”
…and $500,000/unit is not the price that makes sense.
dude I am really concerned about condos — we discussed it a week or two ago I think. I guess at some price you gain the interest of companies that buy buildings and rent the units (obviously there are plenty), so the building won’t literally be torn down, but the price/rent ratio has to make sense for that, and they need bank financing too.
Some buyer does a deal with a mortgage company and sells them with the mortgage company. Not sure how feasible that is in this environment.
Very bad situation.