We vaguely remember the days when Williamsburg's 924 Metropolitan Avenue (which was marketed at the time as luxe rental living at 924 Metro) was on the market. Well, the building is actually fully occupied, so that's not the issue. But, we did a double take when we stumbled on a listing for the entire building being up for sale on the Massey Knakal website. And it's not just for sale, it's been PriceChopped from $14.75 million to $13.5 million, which would appear to be, like $1.25 million and indicate somebody's in a hurry to walk away from the puppy.
Per Massey Knakal:
This brand new elevatored luxury construction rental building, has a total of 32 units of which 13 are 2 BRs, 13 are 1BRs, and 6 are 2 BRs plus a home office...The apartments are currently 100% leased...This investment offers a buyer a turn-key opportunity to hold as a rental or convert to condominiums. There is $9,800,000 in existing short term debt. The seller is willing to split the mortgage recording tax savings, resulting in $137,200 in savings to the buyer.Something tells us it's that $9.8M in short term debt that could be the reason for the fire sale.
· 924 Metropolitan Ave. [Massey Knakal]
· 924 Metropolitan [924metro.com]