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Battery Park City's Riverhouse Cuts Prices After Turmoil

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Battery Park City's Riverhouse got off to a star-studded start with interest from buyers like Leonardo DiCaprio and Tyra Banks. But then there was the little matter of the money problems, with a $48 million lis pendens pre-foreclosure filing in February. And the slightly bigger matter of developer Sheldrake getting ousted from the project after a financial dispute. And what happens after cuts at the top? Price cuts! Fifteen units at Riverhouse have gotten chopped between 6 and 20 percent (with most cuts at the tamer end of the range). The biggest, a 20 percent chop off 2BR, 2BA #11C was $260,000, leaving the $1.025 million unit with a price tag of $942/square foot. According to legal papers filed during the developer tussle, 187 units had been sold with 77 to go. Since then a couple more apartments have closed, both at more than 20 percent off their asking prices, so the Chopper may need to come back for a follow-up.

· 1 River Terrace in Battery Park City [StreetEasy]
· Developer Sacked at Battery Park City's Riverhouse [Curbed]