April 25th, 2007
After throwing a big opening party with free alcohol and food and an appearance by former NY Knicks basketball player John Starks last June at 99 Gold in Vinegar Hill, the Developer’s Group have decided to withdraw the offering plan on the building. The building will turn into a rental building but no word yet on prices. 99 Gold is joining 133 Water Street in turning rental. I’ve confirmed rumors from contract holders. One contract holder had this to say:
“There were 44 contracts signed – and another 11 being held back by the developer for friends and family. Our rep at Developer’s Group is pretty shocked as with a building almost 50% sold this almost never happens. The reason I guess is that many of the less desirable units were not moving and they didn’t want to risk bearing the cost of 40 unsold units after the building closed. We were told they decided that renting them would be more profitable in the long term.”
I thought the condos were pretty nice, had huge windows, and quality finishings. I hope the contract holders were treated fairly and didn’t have their deposits tied up for too long. One Dumbo-based realtor told me that they have many more buyers than there are inventory for Dumbo and Vinegar Hill, so they were a bit surprised with the 88-unit building not selling well. A commenter on Brownstoner had this to say about 99 Gold on March 5: “I bet this building will go rental b/c Developers Group can’t sell anything. I guess time will tell.” That person was right.