The Toll Brothers sure know how to bury news of widespread pricechopping at Long Island City's Fifth Street Lofts, don't they? Last time around the cuts came on Election Day, and for the first major price movements since November, the Tolls chose a Saturday to carry out the dirty deed. This time around 16 of the 22 current online listings were affected, StreetEasy reports, with prices heading down in varying degrees of severity?most falling between 6%-15%. But you have to act now, because this is another example in a long line of 5SL's limited-edition gimmickry. According to the Fifth Street Lofts website, the offers are set to expire on April 26, along with the rest of Toll's "National Spring Sales Event" deals.
The markdowns aren't a Northside Piers-like massacre, and all evidence points to the developer being eager to rid itself of the remaining 5SL stock, so we're not sure why the choppage isn't just made a full-time fixture. Mysterious, the Toll Brothers are. Yoda impressions aside, what makes these cuts particularly interesting is that several units are now resting comfortably below $600 per square feet, in a building where prices once cracked the hallowed $1,000/sf mark . What a difference a recession makes.
· Fifth Street Lofts [StreetEasy]
· 5SL [Official Site]
· Fifth Street Lofts coverage [Curbed]