While StreetEasy stalking a few old friends this morning, we noticed those telltale downward arrows next to a building we haven't taken a look at in a while: the River Ridge condos. Its tendency toward choppage is probably the least surprising thing about the bridge-topping "luxury" building, but still worthy of note. So what's the deal?
Seven units in the 78 Ridge Street building are freshly chopped, though all the cuts are small at under 10 percent. The steepest drop came at #2J, now asking $558,000. (Its highest asking price was $615,000.) That works out to $840/square foot, but the 14 listed units are still averaging $956/square foot. Asking prices are one thing, but are these apartments on the spot of a former chicken slaughterhouse selling at these kinds of prices? Actually, yes! StreetEasy has the average price of the recorded sales so far at $962/square foot.
The building's first sale closed in October '08 at 1.2 percent over the asking price, which has perhaps led to some bitterness for the buyer after a few recent sales at more than 15 percent off. But an apartment closed in early June for a smaller 6.1 percent discount. Is River Ridge over the worst of its sales troubles?