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Brooklyn's Forté Development Underwater; Lender Steps In

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When the final history of this decade's Brooklyn condo boom is written, Forté—located in the Brooklyn Downtown/Fort Greene DMZ—will certainly rank as one of the more interesting case studies. Early bravado gave way to repricing reality even before last September's financial collapse, and then came some ancillary PriceChops this past spring. And now, this news from Crain's:

Manhattan-based developer The Clarett Group confirmed Thursday that, along with its majority partner Goldman Sachs Group Inc., it is negotiating with the project’s construction lender to transfer control to the lender. After two years of marketing, the 108-unit, upscale FXFOWLE Architects-designed building is only 37% sold.The article doesn't spell it out, but the move by the lender to gain control of the building should allow, once the dust has settled, for a steeper round of price cuts that will put the condos in a sellable range. Rest assured, this won't be the last time we see a move like this. The canary, she dead.
· Goldman Sachs' Brooklyn Condo Bet Sours [Crain's]
· All Forté Coverage [Curbed]