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ASTORIA BUY FALLS THROUGH

WASHINGTON DC 03.23.2017

THE NORTHEAST DC UPDATE

An In-Depth Look at the Drivers of One of DC's Hottest Quadrants

Bruce Baschuk -- J Street Companies
Bryant Foulger -- Foulger-Pratt
Adrian Washington -- Neighborhood Development Company
ASTORIA BUY FALLS THROUGH
Astoria aramore flagstar bank kairos development
Bring those flags to half-mast. There will be  no single buyer for The Astoria at the Aramore condos for the moment. Sources tell us Flagstar Bank, the financer of the project, was in talks with an undisclosed third party  to purchase the remaining unsold units. Those negotiations have ceased. In the meantime, Kairos Development is still in the midst of selling the remaining 43 units to individuals at the project located on Peachtree Street. We reached Kairos' Jack Williams, though he declined to answer any questions about Flagstar's plans to sell the units to a single buyer. He did tell us that of the 43 remaining units (of 70), three are already under contract, and they're seeing significant activity  with asking prices $300k off from the peak.
Related Topics: Flagstar Bank, The Astoria