Mass PriceChops at Park Avenue buildings are a rarity?but then, 1055 Park isn't like other Park Avenue buildings, is it? First the glassy sliver building's design made some neighborhood enemies. Then the pre-recession pricing failed to generate much buyer interest and the lender made plans to foreclose. That's all in the past, though. The Journal reports that five of the building's six apartments have sold, with the sixth set to close within a few weeks. How'd 1055 Park get its act together so quickly? The buyers were, ah, ordered to close by a bankruptcy judge.
But let's not feel sorry for them, because they got substantial discounts in the process. One buyer picked up a 2BR duplex for $3.8 million, down from an original asking price of $9.3 million. That buyer, a Peruvian businessman, convinced a few overseas friends to look at the building, too, leading to several more purchases. At least four of the six buyers are from outside the U.S.. Perhaps there are lessons in this for 949 Park.
· Glassy Condos on Park Avenue Sell [WSJ]
· 1055 Park Avenue coverage [Curbed]