"In a sign of the weakening housing market in New York City, a developer has agreed to sell a condominium project in Riverdale to Columbia University rather than try to sell the apartments individually. Columbia paid $69 million, or roughly $400 a square foot, for the 127-unit building at 3260 Henry Hudson Parkway, which it plans to use to house faculty and graduate students. Individually, the apartments were selling for $500 a square foot, according to Vincent Carrega, executive managing director, at Grubb & Ellis Co., which represented the seller, L&M Equity Partners." [Crain's]
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