Yesterday the luxury market got some good news, and today the follow-up is all about one building, the neighborhood battle-surviving, PriceChopping, rooftop terrace-having Chelsea Enclave. The Journal reveals that the building's last unit is finally in contract. (To, rather romantically, the first buyer to show up at the sales office back in 2008.) Perhaps prayer works! It's a feel-good story because Chelsea Enclave's sales began on the morning Lehman Brothers collapsed. But the building didn't make it through the bust unscathed. Asking prices were originally about $2,035/square foot for the 53-unit condop, where the backyard is a park belonging to the General Theological Seminary, but actual sales prices were around $1,650/foot, or 19 percent off. Developer the Brodsky Organization still came out ahead on the project, which explains why they're coming back for more.
· Condo Project Comes Full Circle After the Bust [WSJ]
· Chelsea Enclave coverage [Curbed]