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Harlem Condo Follows Up Bankruptcy With Price Cuts

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The developer of Harlem's The Lenox shrugged off last week's bankruptcy filing as no big deal, but it looks like we're seeing some fallout. Brokers are being offered $5,000 AMEX gift cards for all sales before May 31, and the listings have just been visited by the Chopper. The 77-unit building (website boast: "the most architecturally striking luxury condominium north of 125th street with its mahogany and steel lobby, stylishly decorated and filled with museum quality art and manned by a 24 hour concierge, it provides a prestigious and secure welcome.") has 18 unsold units, 13 of which are currently listed. Of those, eight just took hits, including 20% off a 2,289-square-foot 3BR condo on the 12th floor, to a new price $1,593,700. The other cuts aren't quite as big, but they are notable.

A fellow 12th floor unit in the smaller 'E' line is down 12%, to a new ask of $1.247 million. A 1BR, 1.5BA, 1,244-square-foot penthouse is down just 5% to $981,400, but the listing also says, "End of 2009 Special! No Mortgage Payments/CC/RE Taxes for 2 Years." Maybe it's also a spring 2010 special?

The rest of the cuts on the slightly cheaper inventory are in the 8% to 12% range, but what's really grabbing our attention are some of the new price-per-square-foot numbers. Para ejemple, please note that #5A, a 3BR, 2BA, 1702-square-foot unit, is now priced at $780,300, or $458/foot. Down on the second floor, #2F is asking $488/foot. Still no big deal, or is that bankruptcy thing enough to scare off buyers?
· Listings: The Lenox [StreetEasy]
· The Lenox [Official Site]
· The Lenox coverage [Curbed]