It's been a tough run recently at Soho Mews, the Gwathmey Siegel-designed tartan grid at 311 West Broadway. The luxury condo complex?made up of a pair of buildings connected by a big private garden?went international once the market began to sour and even raised prices, but sales have remained sluggish. There was that lawsuit thing, then the restaurant buyers were promised first-class service at shuttered, and now the building routinely jockeys for position with the Apthorp and One Madison Park at the top of the list of new developments most targeted by unsubstantiated rumors sent to the CurbedWire inbox. But here's something a bit more concrete: Soho Mews has just gone under the knife.
The 68-unit building has 17 active online listings, and StreetEasy shows nearly across-the-board cuts of varying degrees, but mostly just under, right at, or just above 15%. And though the building is steps from Canal Street, we're still not talking about bargains here. Even after the choppage, the cheapest unit?a second-floor 2BR, 2BA coming in at 1,240sf?is still priced at $2.245 million, or just over $1,800 a square foot. That one was actually only knocked down 3%. Prices go up to $9.975 million for a penthouse formerly asking $11.55 million. Here's the new menu:
Per StreetEasy, only 10 units have closed (none since July) and five more are in contract. Is this the kick-start the Mews could use?
· Listings: 311 West Broadway [Corcoran]
· Soho Mews [Official Site]
· Soho Mews coverage [Curbed]