FiDi's #1 party palace hasn't had much to party about lately, with disappointing resales, the developer's mental deterioration, and?the icing on the cake?a friendly foreclosure. We've been waiting for new William Beaver House owner CIM Group to make its next move, and here it is. Not unexpectedly, the gold-flecked building is planning to chop prices and rent out units. The Journal reports that CIM Group has filed an amendment to the building offering plan proposing a total of $91.8 million in price cuts, or about 21.5 percent off the current ask of each of the 209 unsold units. While they sit on the sales market, those units would be rented out. The people happiest about this are probably the 10 Willy Beav buyers who were on the verge of a lawsuit to back out of their contracts. Nothing like a little more evidence!
· Developer Maps Price Cuts, Refunds [WSJ]
· William Beaver House coverage [Curbed]