It can be seen as a smart financial move or as an indicator that banks are getting through their large stack of unpaid notes that represent stalled projects. Either way, the Full Story below is good news as 75 Clinton Street in Brooklyn is shifting from condo to rental. As a project that started selling condos in June 2011, it was woefully late to the party. A sale to Invesco for an as yet unrecorded amount will surely yield good returns as a rental property.
We couldn't agree more with Marketing Directors' Angela Ferrara who says of the current climate "The rental market is booming."
At Cubed Advisory, we have advised clients on the money that can be made now by going rental rather than burning though capital sitting on an empty building waiting for the condo market to return. The models on the condo returns can certainly be appealing, but with the exception of truly unique product, the reality of the current market does not bear them out.
Labels: Brooklyn, Condo to Rental, Invesco