Just Sold, 109 Gold Switches to Rental

April 20, 2012 Brooklyn Eagle Staff

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By Linda Collins

Brooklyn Daily Eagle

VINEGAR HILL — Just weeks after it changed hands, a brand-new residential building in Vinegar Hill is advertising its 33 units as rentals and was scheduled for its first open house on Sunday.

As the Eagle reported on March 30, Massey Knakal Realty Services confirmed the sale of the already-completed residential development at 109 Gold St., corner of York Street, for $14.5 million. Stephen Palmese, director of sales for Massey Knakal, handled the sale.

The new owner of the all-new-construction seven-story, 36,944-square-foot luxury condo building decided to market it as a rental building “because the rental market is so strong right now,” Palmese said at the time, adding, “New construction, luxury properties are the most sought-after asset class, yet the rarest.”

It has 33 units, averaging approximately 725 square feet in a mix of studios to two-bedrooms, some with home offices. The building, which has already received its final Certificate of Occupancy, has 17 on-site parking spaces.

Rents for the luxury apartments begin at $2,000, according to Andrew Barrocas of MNS, a Manhattan-based residential marketing firm, who will oversee the leasing office headed by Shana Bowes.

“We expect that these well-crafted units will lease up very quickly,” she said, adding that potential residents will be drawn to the package of amenities, which includes an entry garden, lobby with WiFi, a furnished roof deck, fitness center and on-site parking.