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Troubled Turtle Bay Building Spruces Up Its Priciest Listing

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East 49th Street's The Alexander would have plenty of justification if it wanted to bury its head in the sand after the traumas of the past few years. First it was accused of destroying the neighborhood with its ugliness. Then it was accused of failing to disclose key financial information about its developer. But the Turtle Bay tube does not hide! It put its penthouse back on the market post-disgrace for $17.25 million, and the same unit has now, after a brief hiatus, returned to market with a new broker team and photos to replace the old renderings.
If $17.25 million seems like a lot for an occasionally troubled tower, well, maybe it's all part of the building's pricing strategy. Twenty-two units have closed so far, with a peak discount of 35.5 percent and most in the 20 to 30 percent range. Seems significant?until we take a look at what the prices were before the discounts. One of the most heavily PriceChopped units was a 1BR that was listed for $983,400 and sold for the not exactly fire sale price of $634,031. And the average sale price so far is about $1,164/square foot. Not too shabby! So we're not worrying about the penthouse yet.
· The Alexander at 250 East 49th Street [StreetEasy]
· The Alexander coverage [Curbed]