clock menu more-arrow no yes

Filed under:

It Happened One Weekend: A Market of Lowered Expectations

New, 15 comments

1) Why are fancy developments such as Edge, Chelsea Enclave, Platinum, Riverhouse and Visionaire celebrating less-than-overwhelming sales stats like three or four signed contracts in a month? Says the Marketing Directors' Adrienne Albert, "The developers didn't want to release this information because they are afraid it doesn't sound like many sales. But given today’s market and the fact that some jobs are closing their offices because sales are so slow, I am quite proud of our achievement." [Big Deal/'Sizzle Redefined']

2) For years, developers of style-over-substance buildings marketed their wares to hotshot young traders and their fashionista cohabitants looking to stake their financial future to overpriced cookie-cutter condos. We weren't sure that exact demographic existed beyond the marketing campaigns, but Joyce Cohen rooted out a couple for The Hunt this week. These being different times, the ending isn't quite so happy. He admits that their $1.57 million apartment in the back of the A Building?on the second floor, overlooking 14th Street (we recognize the bookshelf)?has already lost value, and her savings are still locked up at District after backing out of an earlier deal. Yikes. [The Hunt/'The Hammock Imperative']

3) Will $1.52 million white-brick Sutton Place co-ops soon lose a third of their value? That's what one out-of-town couple is betting after they backed out of a deal at 45 Sutton Place South and forfeited their $152,000 deposit after the seller refused to cut the price again. [Big Deal/'A $152,000 Change of Heart']

4) As rents have surged over the past few years, many youngsters have taken to living in SROs rather than leaving the city. A shared bathroom and still paying nearly $1,500 per month? What a town! ['Room to Rent. Bath Nearby.']

5) The C.P.H. Gilbert-designed mansion at Madison Avenue and 37th Street, now hidden behind construction netting and inhabited by the Polish Consulate, is very very awesome. The repairs should be finished in the spring, at which point the awesome building will be lit at night to focus attention on its awesomeness. [Streetscapes/'De Lamar Mansion']

The Edge

4149 18th Street, , CA 94114 Visit Website

Visionaire

70 Little West Street, New York, NY 10280