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Midtown Setai Cuts Prices as First Rentals Hit the Market

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New condo/hotel the Setai Fifth Avenue thinks big: big prices, big plans to rid its Midtown neighborhood of the touristy feel that keeps non-foreign buyers from committing. Unfortunately, that first big goal kinda depends on the second, and Midtown's makeover isn't happening overnight. (Maybe start with the swingers club next door?) So the Setai has tangled with the PriceChopper for the second time, resulting in price cuts on seven units over the last five days. The biggest chop hit #49C, now 24 percent cheaper at $2.475 million. Getting away with the least damage is #31G, which lost, er, 1 percent off its price yesterday, for a new ask of $1.1 million. The remaining five Chopper victims saw cuts toward the higher end of that range. But there's some good news: #60PH is still holding strong at $4,067/square foot, despite an average listing price of $2,806/square foot. You'll show 'em, #60PH!
For those who think they might fancy a piece of the condo/hotel?where buyers have access to hotel services but aren't limited to a certain number of days in residence?but don't want to buy, what appear to be the building's first rentals have hit the market. Three are already in contract, at $3,300/month for a studio and $7,800 and $9,500/month for the 2BR units. The only one still available is a 450-square-foot (furnished and washer/dryer-equipped) studio also asking $3,300/month. But given how focused the building is on foreign buyers, we're guessing there will be future rental opportunities.
· The Setai Fifth Avenue [StreetEasy]
· Setai Fifth Avenue coverage [Curbed]

Setai Fifth Avenue

400 Fifth Avenue, New York, NY