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Upper East Side Development Holds 20 Percent Off Sale

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The record of closed sales at the Upper East Side's 300 East 79th Street, which hit the market in September 2007, is a pretty clear snapshot of the condo boom and its sudden end. Prior to September '08, units sold with only slight deviations (chops and increases) from asking prices. But since September '08, all of the closings have come with price cuts, including, most recently, a 22.1 percent chop on #5A, a 2BR, 2BA that sold for $1,242,265. Ouch! And now the asking prices on the remaining units are coming down to 5A's level. A $5.75 million 3BR, 3.5BA has been chopped 20 percent to $4.6 million. A $5.4 million 3BR, 3.5BA is now 22 percent cheaper at $4.2 million. Based on the building's recent sales history, will those chops be enough to do the trick?

· 300 East 79th in Upper East Side [StreetEasy]
· Official Website: 300 East 79th [300east79.com]