Downtown Brooklyn Condo Hits 50 Percent Sales Mark

Downtown Brooklyn’s Oro condominium, a 303-unit luxury property, has reached the 50-percent-sold milestone, with more than 152 units sold. Sales have picked up recently at Oro, as 62 deals have been made since last September.

Living room at Oro

Brooklyn, N.Y.–Downtown Brooklyn’s Oro condominium, a 303-unit luxury property, has reached the 50-percent-sold milestone, with more than 152 units sold. Sales have picked up recently at Oro, as 62 deals have been made since last September.

There are numerous factors at play in the upturn, such as Rose Associates being designated as the sales and marketing agent for the building last September, says Robert Scaglion, senior managing director of residential marketing for the company.  Also, prices have been reduced to adapt to market conditions, as units were individually re-priced with adjustments from six to 20 percent. Other changes were a new advertising campaign, a revamp of the web site, and a redesign of the model apartments.

Sales have been “better than we anticipated,” Scaglion says. The Rose Associates name is well known in New York, he says. He also credited putting a “high energy sales staff” in place to market Oro as a factor in the turnaround, as well as improving market conditions. Also, the property is well-located near the Brooklyn and Manhattan bridges, and multiple train lines, he says.

Oro includes a mix of studio, one-, two and three-bedroom units, ranging from 450 square feet to more than 1,500 square feet. The Oro offers views of Manhattan, Brooklyn, Queens, Staten Island and New Jersey.

Building amenities include a two-level, state-of-the-art fitness center with a basketball/racquetball court, a resident lounge with screening room and wet bar, an indoor swimming pool and a parking garage.

A significant amount of buyers at the Oro are young, first-time buyers, according to Scaglion. “They grew up in Brooklyn, and they want to continue to live here,” he says.

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