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Penthouse Price Increase Proves Market is Back, Baby!

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To find out which way Manhattan's real estate winds are blowing, one needs only to look at Penthouse #2D at 121 East 23rd Street, aka Crossing 23rd. In addition to having one of the best building names ever, Crossing 23rd was once a symbol of the hard-charging, sell-'em-off-the-floorplans condo market. Back in 2005, units in the 21-story building were going like nitrous balloons outside a Phish show, unless of course they weren't. Which brings us to #PH2D, a 3BR/3BA corner duplex asking $2.25 million. It's been on and off the market since 2008 at various prices, and like we said, it's a perfect weathervane.

Here's the pricing history for the 1,634-square-foot unit, per StreetEasy:

8/22/2008: Previously Listed by Prudential Elliman at $2,615,000.
Just one month before Lehman Brothers' bankruptcy, and all is well! The penthouse is asking a healthy $1,600/sqft. Nothing can stop the market confidence. U-S-A! U-S-A!

2/03/2009: Prudential Elliman Listing is no longer available. Last priced at $2,400,000.
A necessary post-Lehman price chop, and then yanked off the market when things completely ground to a halt as it became clear the bad times were just beginning. :(

10/20/2009: Listed by Prudential Elliman at $1,950,000.
Re-tooled for new times. Attention K-Mart shoppers: under $2 million!

1/04/2010: Price increased by 5% to $2,050,000.
New year, new attitude! A minor price hike to ring in 2010. As Soulja Boy might say, the swag has been turned back on.

2/11/2010: Price decreased by 4% to $1,975,000.
Okay, maybe not so fast. As Soulja Boy might say, crank dat down a notch.

8/07/2010: Price increased by 14% to $2,250,000.
The buyers are back, sales are booming, happy days are here again! Hop aboard, because this rocket's headed back to the moon! Which reminds us: Any interested buyers up there?

Before we get to the floorplan, are we being selfish when we say we hope this apartment never sells? We feel like there's so much left to learn from its mysterious ways.


· Listing: 121 East 23rd Street [Elliman]
· 121 East 23rd Street #PH2D [StreetEasy]