Five of the six units in glassy but troubled development 1055 Park Avenue sold at the end of May, after a bankruptcy judge ordered the building to get its act together. The first closings hit public record today, giving us a look at just what kind of discounts were needed to finally get buyers into the place (and help developer Trevor Davis out of foreclosure and bankruptcy). The pricing was, as one might expect in such a situation, flexible.
Unit #1 sold for $5,193,900, which sounds like a decent price?until it's compared to the original ask of $7.5 million. And then there's the penthouse, which closed, as rumored, for more than 50 percent off. The final sales price was $3.85 million, compared to an initial (and heavily chopped) ask of $9,305,200. As if the building didn't already have enough to feel different about compared to the neighbors.
· 1055 Park Avenue [StreetEasy]
· 1055 Park Avenue coverage [Curbed]