Selling condos in bulk: Everybody's doing it! First 20 Pine then 785 Eighth Avenue, and now, 99 John Deco Lofts in the Financial District, the former rental building recently converted by developer Rockrose. In his Times piece today on the slumping Manhattan real estate market, Josh Barbanel slipped in this little nugget:
At 99 John Street in Lower Manhattan, where the Rockrose Development Corporation is converting a 27-story prewar Art Deco rental building into hundreds of condominiums, buyers were offered a chance to “rent to own,” and a promise that Rockrose would buy back an apartment after five years at 110 percent of the purchase price. The developer also began offering the apartments in bulk to investors, in packages of 15 apartments.Trendy! A listing popped up on the market a couple of weeks ago through Corcoran for 15 units in the building, all with renters in place. The other 99 John listings are through Rockrose's own in-house team, so we're not sure if this is one of the developer-offered packages, or if it's the portfolio of an investor looking to get out of Dodge. The price tag is $11,345,000, or just over $756,000 per apartment. The combined stats on the listing say 10 bedrooms, 16 bathrooms, so we're not talking about lavish penthouse units here. Anyone out there willing to take a chance on the continued residential rebirth of the Financial District? Operators are standing by!
· Listing: 99 John Street [Corcoran]
· As Some U.S. Markets Level Off, Housing Slump Hits Manhattan [NYT]