Dozens Of Brooklyn Condo Projects Face Financial Trouble

In Brooklyn, New York, Crain's New York Business reports:

• Sixty-five residential buildings in central Brooklyn are either financially troubled or on the verge of distress, according to a recent survey conducted by Democratic Assemblyman Hakeem Jeffries. These properties are market-rate residential buildings at least four stories high located in the neighborhoods of Fort Greene, Clinton Hill, Prospect Heights, Crown Heights and Bedford–Stuyvesant. Many are luxury developments in different stages of completion. Some projects are completed and unoccupied, while others are stalled. Some of the projects’ developers are also defaulting on their construction loans, said Mr. Jeffries.

For more, see 65 central Brooklyn condos in or near financial distress (The list of properties, compiled from a survey conducted by Democratic Assemblyman Hakeem Jeffries, includes a number of high-profile new developments).

In a related story, see Goldman Sachs' Brooklyn condo bet sours (The company, along with partner The Clarett Group, is negotiating with German lender Eurohypo Bank to turn over the 30-story Forté tower after sales went nowhere).