Riverdale's Solaria burst onto the scene with the goal of bringing Manhattan-style condo amenities (rooftop observatory!) and prices (starting at $660,000!) up north into the Bronx, but the glassy tower is now plagued by another Manhattan new-development trademark: lack of sales. Only 10 buyers in the 64-unit building have closed, and that means only one thing: It's auction time! Yep, Boston was a success, Greenpoint is on deck and now Riverdale will be the latest test case. The remaining 54 apartments up on 236th Street will hit the block on November 22 at the Sheraton on Seventh Avenue and 53rd Street, in what's being called the Northeast's largest downturn-era auction to date. Fun! Let's talk about the prices.
The minimum bids are mostly just over half off the asking prices, but in some cases the markdown is more. The unit-by-unit breakdown is right here, and the minimum bids range from $349,000 to $1.999 million on apartments once asking up to $4.35 million. It's not pressure from the lenders that is forcing the auction, the developer says, but rather buyer uncertainty in the market. He tells the Times: "Now that we have bottomed out, according to the experts, the approach is, Let the market speak. Price discovery will come out of the process."
And if those prices are discovered to be low, imagine the possibilities! Disgruntled doormen forced to endure the undying love of oblivious residents can become bitter neighbors forced to endure the undying love of oblivious residents!
· Solaria Auction Info [redcauctionhome.com]
· Solaria [solariariverdale.com]
· Hammer to Fall on Condos [NYT]
· Day of the Dead: Trash Talk Begins (Bonus: Free iPods!) [Curbed]