The Locale: NYC's first 'Auction' Goes Rental

A flood of busted new developments goes rental. Oh I wonder what that portends for rent rates going forward? And how that affects sales if a bubble game isn't being played? C u later bklyn, lic, Bronx, queens. It was nice knowing ya.

Soon enough they'll go to hourly rentals.

Seems like the developer might be able to pay the $4.35m note if he gets close to his asking rents. It looks like the auction was set up by the developer to sell only if he secured a profit. Then he abandoned the sales and used the values to negotiate a loan modification in January, 2010 when the original mortgage was scheduled to mature.

Does anyone know the inside story here?

Sometimes I only need 10 minutes.

That would be what is known as : "Hot-sheets" rentals.

Guess, nobody takes any interest in a boutique condo in Greenpoint. Here's the story. The developer sold four units, allowing the condo to go effective, and secured the 15 year tax abatement. These sales are not yet on ACRIS. The remaining units rented quickly.