According to a press release that landed in our inbox today, arrested development poster child Oro is bringing back a trend that first got hot last holiday season: rent-to-own. The 40-percent-sold Downtown Brooklyn condo tower, which also tried a 25 percent PriceChop and fresh marketing campaign to bulk up its sales numbers this fall, will allow prospective buyers to rent instead for up to 13 months. Fifty percent or more of the rent will go toward the purchase price or closing costs for a unit, and rent-to-owners will lock in the building's current prices. Nor will they be second class citizens: according to the press release, they will be able to use the building's amenities and common spaces, which include a lap pool and racquetball courts, at no extra charge. That's a relief, because we were worrying about an Outsiders-style renter-owner rumble.
· Official website: Oro [orocondos.com]
· Oro coverage [Curbed]