Once again following the lead of its role model Riverhouse, which cut prices after a shakeup among the sponsors, Tribeca Summit has brought in the PriceChopper. The luxury condo conversion's developer mutiny happened back in February, when the original sponsors were replaced by KBS Capital Advisors. The building actually hadn't been having that hard a time when it came to sales, with over 50 percent of the units sold before the turmoil. But the money problems led to what the new team at the top called a "stop and go" sales pattern because of the previous sponsors' "unwillingness to adjust prices to reflect current market levels." Cue adjustment! StreetEasy shows that the six units still on the market have been chopped up to 20 percent, and are now asking $2.5 million to $4.25 million. The last sale to close, at the end of April, did so at 15.2 percent off the list price, so that seems like the right ballpark, no?
Here's what Tribeca Summit's asking now:
· Tribeca Summit [StreetEasy]
· More Developer Mutiny, This Time at Tribeca Summit [Curbed]