Speaking of Riverside South, it was just reported that Extell was doing the unthinkable in its battle with disgruntled buyers at the twin-towered Rushmore development at 80 Riverside Boulevard: negotiating! The developer denied it, but word from The Real Deal was that buyers were being offered discounts of up to 25 percent to not walk away from their contracts. The 289-unit building was supposed to begin closings by September 2008, but Extell argued that the real date was September 2009 and the '08 thing was a massive typo/screw-up by its lawyers?hence the opening for buyers to sue to back out of deals negotiated way back in 2007. Confidentiality agreements are the rule in sensitive dealings like these, but check out the numbers being tossed around in some recent closings in the building.
We don't know if these are included in the group that was grumbling about closing at full contract prices, but we do know they finally sold for below the original asks:
1) #4G: 1,294-square foot 2BR, 2BA that was asking $1.825 million when it was listed as "in contract." Sold on 9/24/09 for $1.6 million, a 12% reduction.
2) #17A: 1,862-square-foot 3BR, 3.5BA listed in contract at $4.85 million. Sold on 9/25/09 for $3.9 million, a 20% reduction.
3) #8A: 951-square-foot 2BR, 2BA that went into contract while asking $1.3 million. Sold on 10/1/09 for $1.144 million, a 12% reduction.
4) #PH1A: 3,056-square-foot 4BR, 4.5BA listed in contract at $6.525 million. Sold on 10/1/09 for $6,198,750, a 5% reduction.
5) #26A : 1,850-square-foot 3BR, 3.5BA asking $3.225 million when it went into contract. Sold on 10/7/09 for $2,999,250, a 7% reduction.
Perhaps these were the sale prices negotiated way back when the listings first went into contract, which might be a story in itself. During the boom times, Extell was notorious for not cutting deals on its Upper West Side properties. Or maybe, as reported, now is the time for negotiating. River views for everyone!
· The Rushmore at 80 Riverside Boulevard [StreetEasy]
· The Rushmore coverage [Curbed]