clock menu more-arrow no yes

Filed under:

Williamsburg's 80 Met Chops Again, But is it Working?

New, 5 comments

Instead of taking Mom out to brunch this weekend, our old obsession 80 Metropolitan was hanging out with the PriceChopper. Seven of the 21 units still on the market got chopped up to 13 percent, according to StreetEasy. Small cuts, but the building's second round since passing the 50 percent sold mark in early February. The largest chop was on one of the building's many penthouses, #PHT, now asking $1.27 million instead of the $1.459 million it wanted when it first hit the market in late 2007. (It has since gone in and out of contract.) As for whether the cuts are getting unit prices any closer to recent closings, on a price per square foot basis they've still got a way to go: recorded sales average $774 per square foot, while the current listings average $822 per square foot. Looking at each individual closing so far, the situation gets a little murkier.

As recent closings demonstrate, there hasn't been much consistency in discounts off closing prices. In March, a 555-square-foot studio closed for 12.7 percent over the list price, while a 1,097-square-foot 2BR closed for 16.2 percent below list price in April. If the goal is to keep us guessing, it's working.
· 80 Metropolitan Avenue in Williamsburg [StreetEasy]
· 80 Metropolitan coverage [Curbed]

80 Metropolitan Avenue

80 Metropolitan Avenue, Brooklyn, NY 11211 Visit Website