Prices at the troubled condo conversion of the Upper West Side's storied Apthorp are being knocked down by roughly one-third, The Real Deal reports, which would bump Williamsburg's Northside Piers down to #2 on the list of largest across-the-board PriceChops since the Wall Street meltdown. But before you go collecting the loose change in the couch cushions, take a gander at the post-cut prices:
Renovated condominium units at the block-through limestone building will now sell for an average of roughly $1,950 per square foot, according to Karen Mansour, director of sales and marketing for Prudential Douglas Elliman's Development Marketing Group, who is overseeing sales at the condo conversion. That represents a dramatic drop in prices from the building's initial offering plan, released in June, which called for prices of nearly $3,000 per square foot.Still a lot of cash money, though unrenovated units can be bought "as-is" for around $1,650 per square foot. The spin put on the cuts is that the developers are trying to sell 30 units quickly to make the condo plan effective, and after that prices will return to the previous sky-high levels. The eight listings we peeped on StreetEasy have yet to reflect these "temporary" special offers.
· Apthorp drops prices by one-third, largest overall condo reduction since fall [TRD]
· All Curbed Apthorp coverage [Curbed]