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Shadow Inventory Steps Into the Light With Miraval Price Cuts

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Whether it's the chance to live near Tiki Barber or the allure of a straight-from-Arizona spa with an arts studio and dive-in movie theater, Miraval Living is doing well lately, according to a press release beamed our way earlier today. The development, at 515 East 72nd Street, apparently sold more than $20 million worth of apartments to new residents in the past two months. And now, to celebrate: a bunch of new units on the market, with PriceChops already included! One-bedrooms are now on the market starting at $724,500, two-bedrooms at $1.125 million, and three-bedrooms and tower units at $1.6 million. According to the marketing folks, those prices are up to 20 percent lower than previous Miraval asking prices, and StreetEasy does show listings that have been hanging around longer with some significantly steeper pricing. But a look at the 12 sales closed at the building over the last four months shows that half of them sold for around 20 to 30 percent below ask, putting them roughly in line with the newly adjusted prices. Funny how that works, innit?
· Miraval Living at 515 East 72nd Street [StreetEasy]
· Miraval Living coverage [Curbed]

515 East 72nd St

515 East 72nd Street, New York, NY 10021