The Toll Brothers' Northside Piers on the Williamsburg waterfront is no stranger to deep price cuts, but with the second Northside Piers tower on the market and nearing the end of construction, there is downright PriceChopper madness going on at NP1. The 29-story tower sent shockwaves through the Williamsburg condo market following last year's deep discounting, but a crop of recent sales in the building have brought the limbo stick down even lower. The biggest headline of them all: In December #9G, a 1,244-square-foot 3BR, 2BA, sold for $770,000, or just $618/sq. ft. That was down 13% from its most recent asking price, and down about 34% from the original asking price of $1.17 million. Burg foreclosure victim Warehouse 11 recently made noise by resurfacing on the market with low "introductory pricing" that "will return to market levels in excess of $650 psf." But if the gleaming new waterfront towers are selling below that mark, is there really any turning back?
Like we said, recent deals are coming in below the post-massacre prices. Above is StreetEasy's intel on fresh Northside Piers sales compared to their latest asking prices. Meanwhile, prices at NP2 are still flying high, and waterfront neighbor The Edge has yet to come down from its $800- to $900-a-foot prices, at least publicly. Strange days over on the Burg's Gold Coast, eh?
· One Northside Piers at 4 North 5th Street [StreetEasy]
· Northside Piers [Official Site]
· Northside Piers coverage [Curbed]
Northside Piers photo via Flickr/Michael-SpeedraceR