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Languishing East Village Condo Building Now Wants to Party

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What a long, strange trip it's been for 525 East 12th Street. The new five-unit building between Avenues A and B has bounced between brokerages (leading to all-out banner warfare) and has even seen a price increase in its day. Now EV Grieve notes that the property is in the hands of Prudential Douglas Elliman, and the brokers are pumping some life into the project (as well as the nearby Copper Building) with a balls-to-the-wall rager featuring an open bar and mountains of pastrami.

We've never given much thought to the nondescript 525 East 12th Street, but the Elliman listings have some interior shots that we're kind of digging (though talking up the rowdy and largely unknown Sauer Park across the street brought a chuckle), especially for a neighborhood where new construction is still somewhat rare. Above are some pictures of the garden-level duplex as well as a shot of the building's lobby. The three remaining units have all received price cuts following the latest brokerage switch.

The third floor and fifth floor sold earlier this year, both for $1.2 million, leaving the duplex, fourth floor and penthouse units. The 1,630-square-foot, 2BR, 2.5BA duplex was once asking $2.275 million, but had fallen to $1.875 million. The new price tag is $1.795 million.

The fourth-floor unit, a 1,295sf, 2BR, 2BA, was flying as high as $1.51 million but eventually sank to $1.262 million and is now asking $1.245 million, just below the psychological barrier of $1,000 a foot.

Meanwhile, the top floor is the same size as the fourth floor unit but includes a private roof deck and an additional 1,035 square feet of air rights. It's now asking $1.595 million, but was once seeking $1.95 million and recently $1.653 million. Still over $1,200 a foot.

Will these Alphaville remainders finally sell? Maybe the party D.J. can slip Ecstacy into prospective buyers' drinks to get them in the mood. Here's a look at the penthouse:


· Listings: 525 East 12th Street [StreetEasy]
· Luring potential condo buyers with a DJ and fine arts raffle... [EV Grieve]
· 525 East 12th Street coverage [Curbed]

Copper Building

215 Avenue B, New York, NY