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70 Washington Update: Terms of Endearment

The saga surrounding 70 Washington continues. A Curbed reader offers a Craigslistian analysis of Dumbo's latest residential adventure, and thinking on why you (yes, you!) can still own a piece of the dream:

There's further proof of 70 Washington's diminishing expectations on Craigslist. While an NYTimes ad had listed pricing as starting from the $800,000s (!), ads on Craigslist had an initial starting point of $680,000, which has since slid to a mere $615,000. The sad fact is, it's not the pricing that's out of whack on 70 Washington - it's the terms. At my meeting, management said they required a deposit of 20 percent within 45 days - outrageous in a building that isn't slated for occupancy until December, for many units. Losing/having to pay interest for 6-7 months could inflate prices by tens of thousands at these prices, and in the past, chic new buildings have been delayed by months or even over a year. So who can blame people for thinking twice before they sign on the dotted line?

Checking out the Craigslist listings for 70 Washington, we're also moved to note that the marketese also has evolved, from "Gorgeous loft apartments" to "Spacious condo lofts." Hmmm.
· $615000 - Spacious Condo Lofts in Converted Factory Building [Craigslist]
· $680000 - Gorgeous Loft Apartments in the Heart of Dumbo [Craigslist]
· 70 Washington Still Taking Reservations [Curbed]