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Midtown's Setai Shows Its First Signs of Weakness

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New Midtown condo/hotel the Setai Fifth Avenue has been commanding high asking prices?to the tune of $2,300/square foot?thanks to a marketing campaign targeting foreign buyers. The building's more ambitious long-term plans call for ridding the neighborhood of its touristy vibe so that foreigners aren't the only ones who'll want to move in. In the meantime, though, the building's condos still need to sell, which means it's time to bring in the Chopper. Nine of the 12 apartments currently on the market had their prices cut late last week, by 5 to 20 percent. The cheapest unit listed is now a $1.375 million 1BR that was last asking $1.725 million. But we're relieved to see the latest $4,067/foot penthouse hasn't given in to the chopper yet.

· The Setai Fifth Avenue Residents [StreetEasy]
· Setai Fifth Avenue coverage [Curbed]

The Setai Fifth Avenue

400 5th Ave., New York, NY 10018