A report hit our tipline this morning that Jardin?the 44-unit Williamsburg condo that was itself a rebranding of earlier condo project Urban Green?was making the switch to rentals. One in-contract buyer tells us that the developer has decided to refund all deposits in preparation for the rental reslant. 'Tis true, the building's sales?now leasing?team tells us. "This follows consideration of unexpected construction overages and current market conditions that have created a strong demand for luxury multifamily properties," per the Aptsandlofts.com folks. Prior to Jardin's developers' decision to follow their hearts (or wallets), sales had actually been going pretty well: 23 units had been sold, with a few more contracts out, at an average price of $770/per square foot. (The average ask, according to StreetEasy, is $824/square foot.) No word yet on rental pricing.
· Jardin coverage [Curbed]