The Viridian, the gigantic Greenpoint new development, is well on its way to becoming of the emblematic stories of this boom-and-bust age in NYC. Celebrity investor Magic Johnson on board? Check. Splashy marketing campaign kicking off in (cue scary music) spring 2008? Check. Ominous move to go rental with only a dozen or so units sold by late 2008? Check. And now, two new pieces of information: first, developer 110 Green Street Development LLC apparently has filed for bankruptcy. And the entire building is being shopped around for the low low price of $65 million.
Here's the email circulating amongst real estate investors:
Good Aftenoon [sic], Below you will find information on the most luxurious building ever built in the Greenpoint section of Brooklyn. The Viridian is a six story, 129-unit building, which was originally built as a condominium and is now offered to the marketplace as a rental building. Although currently vacant, ownership has agreed to begin leasing immediately, so a prospective purchaser can close a sale at 85% occupancy.
For serious parties only, an offering memorandum may be obtained by signing the attached confidentiality agreement and faxing it to me at [redacted] or email it to [redacted]@marcusmillichap.com.
As the final stage in this saga, we envision the entire building returning slowly to dust, swept away on the wind, forever to haunt the earth. Who's with us?
· Where's the Magic? Greenpoint's Viridian Likely to Go Rental [Curbed]
· All Viridian Coverage [Curbed]