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For Gentrifying Areas, the PriceChopper Cometh

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Grab the nearest brown paper bag, because the Sun's Bradley Hope performs the grim task today of rounding up a crop of new developments that have recently undergone price cuts, and he concludes: "Developments in areas that began gentrifying in the latest real estate boom cycle, including Central Harlem, Chinatown, DUMBO, and Prospect Heights, are now cutting their prices to compete better." Chopmania is not limited solely to these burgeoning hoods, however. Nope, some old Curbed favorites in more established areas are included, like 50 Orchard Street on the Lower East Side, and the Novare (right)?the converted old hippie church on West 4th Street that we kinda forgot all about since asking for your religious rebranding ideas a gajillion years ago. Per StreetEasy, two lingering apartments in the 8-unit development were each cut over $300,000 two weeks ago. Salvation has never been more affordable, folks.
· Signaling Cooling Market, Prices Cut at New Developments [Sun]