Oh what a difference a year (and a smidgen of financial turmoil) makes! To illustrate, we called up (via StreetEasy) the sales records of one building, 212 East 47th Street. The 260-unit Turtle Bay building, converted to luxury condos by megadeveloepr Extell, had the good fortune of hitting the market way back in 2007, and closings kicked off at the beginning of '08. It sold well, at prices comfortably over $1,000 a square foot on most units. This summer there was still a bit of building stock on the market, and it appears Extell was quite the motivated seller.
Above (click to expand if the numbers are a bit small) is a snapshot of some of last summer's closings, seen on StreetEasy. The first blue number is what the unit sold for, while the second blue number is the listing price, if the apartment had an online listing. The mighty Extell got what it wanted, and some units even have the dreaded up arrow, signifying price increases on those listings. Now, cut to 2009:
It looks like Extell wanted to be done with this thing, and we can't blame them. This meant some fairly sizable discounts off the asking prices, including units slipping below the $1,000/sf barrier. Now the building is sold out (we think), with a few resales popping up on the market. What will an '09 vs. '10 comparison look like?
· 212 East 47th Street [StreetEasy]
· 212 East 47th Street coverage [Curbed]