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Arrested Development: New Buildings Hibernating for Winter

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Well, now we know how those price protection offers panned out. West Chelsea's +Art and Williamsburg's Steelworks Lofts, two hyped developments that offered buyers guarantees if prices plummeted before closing, have decided to shutter their sales offices over the winter to save money. Josh Barbanel reports that construction on both will continue over the winter, though the AvroKO-designed Steelworks Lofts does not have its financing finalized. According to Halstead's Stephen G. Kliegerman (Halstead reps both buildings), "This isn't the sign of collapse; it is a sign of a prudent business plan. Buyers aren't feeling urgency right now, which is why we are making a wise decision to hold off. We are suspending sales for now." These aren't the only two projects suffering some Seasonal Affective Disorder. On the Upper East Side, Alchemy Properties' Isis condominium is also suspending its sales effort for the winter. Sales may typically be more robust in the spring, but will buyers return en masse when the flowers bloom? Be afraid.
· Boarding Up the Salesroom [NYT]
· +Art coverage [Curbed]
· Steelworks Lofts coverage [Curbed]
· Isis coverage [Curbed]


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