About a month back, we ran an item noting a massive PriceChop at the waterfront Williamsburg development Northside Piers, brought to you by your friends and ours, the Toll Brothers. Today, TheStreet.com reporter Nicholas Yulico digs into the troubles at the building, unearthing a bunch of hard data on the 'Chop:
· about 40% of the 180 units at Tower 1 have been sold, with about 70% of the units having been released for sale
· On the B-line section of Tower 1, prices were cut from above $1 million to the $800,000 range; of the 17 (of 23) B-line units released for sale, 10 have been sold, four have deposits and three remain available for sale, as of last week
· says a Toll rep, the 'Chopped units were "mispriced from the beginning"
The big problem: views, or the lack thereof, a problem that's also plaguing the Toll Brothers' North8 development. Our advice to would-be buyers: really nice curtains.
· Toll Brothers Has a Secret [TheStreet.com via TRD]
· Curbed PriceChopper: a Whole Bunch of Northside Piers [Curbed]