The PriceChopper bug has bitten a few new developments this week, but most?such as the 5%-10% cuts on Harlem's Windows on 123 and Carroll Gardens' Satori?are just nibbles. However, for some serious bloodsucking, we turn to West 14th Street's The Prime, a nine-unit building where nothing seems to be working. Not cheerleaders, not carolers, not even a smooth and silky British accent on its website. When the former Development Du Jour launched way back in 2006, it championed some tenuous ties to the Meatpacking District and was priced from $3 million to $9.5 million. Of course, three years might as well be 3,000 in this market, but the latest price cuts?logged mere hours ago, per StreetEasy?are still fairly dramatic.
Of The Prime's seven active listings, six were reduced. The penthouse held steady at $7.5 million, following its $2M PriceChop in December. The others come on the heels of a brokerage switch to RP Miller, and the swapping makes the complete price histories of the units a bit tricky to track. But here's what just went down, from biggest to smallest units:
1) A 4,440-square-foot 5BR duplex went from $5.45 million to $3.925 million, a big-time 28% drop.
2) A 3,800-square-foot garden unit was reduced by 9%, from $3.5 million to $3.19 million. Nuttin' crazy there.
3) Four full-floor units, each 2BRs and 2,341sf, were reduced between 13% and 23%, and have a new price range of $1.975 million to $2.4 million.
Gazing over the aftermath, this means that the average price of the active units has slipped below $1,000-per-square-foot, which probably doesn't have the developers jumping for joy.
· The Prime at 333 West 14th Street [StreetEasy]
· The Prime [Official Site]
· The Prime coverage [Curbed]