Is the Financial District entering a post-recession recovery? If it is?and the Wall Street Journal thinks so?we can understand why some buyers don't want any part of it. There's the situation at William Beaver House, where new owner CIM Group is chopping prices by more than 20 percent in the hope of unloading 200+ unsold units. Then there's The Setai, where Anglo-Irish Bank is still seeking a buyer for a defaulted construction loan. At troubled 20 Pine, more than 90 percent of the units are in contract or sold, but that's after some significant price cuts. And at failed condo conversion 25 Broad, there have been signs of life recently, but the Journal reveals that there's actually a Lehman Brothers Holdings foreclosure underway on the property. Lehman plans to rent out the apartments, something of a step backward for a building that was converted from offices to rentals before the attempted condo conversion. After all this, we're no longer even surprised that 20 Pine wants people to take the subway.
· New Opening Bell in the Financial District [WSJ]
· FiDi coverage [Curbed]