For those tickled by New York City real estate market doom and gloom, there is no better reading than S. Jho Ro's "survey of the struggling" in this week's New York magazine. The piece is a handy guide to the new condo developments in the various stages of death and dying, kicked off by the ominous statement, "The era of the quick profitable flip is over." Someone's got a case of the Mondays! It's a big list, but a few notable names immediately jump out:
1) 807 Park Avenue: Originally called, uh, 813 Park Avenue, P. Diddy's old 12-story megatownhouse was carved up into three huge multi-million-dollar apartments (above). Update: The listings were pulled last month and rented out.
2) Hudson Blue: The Richard Meier knockoff at 423 West Street went from a boutique building to a single-family townhouse offering after Leonardo DiCaprio (and the rest of the world) didn't buy. Update: Pre-foreclosure paperwork filed in August!
3) m127: We were never really sold that Murray Hill was a good location for this somewhat interesting SHoP Architects creation, filled with floor-through apartments starting at $1.5M. Update: Two units sold, the rest were rented.
4) Morgan Court: This 30-story sliver building at Madison Avenue and 36th Street was a failed condo development that went rental 20 years ago, then got put back on the market last year. Update: "Fifteen listings still on the market; ten available for rent. No closings since July 2008, and nothing presently in contract."
· Buying From the Glut [NYM]