Haven't we been here before? We have indeed, in March 2010, when Harlem's The Lenox followed its, whoops, bankruptcy filing with some price cuts. There are still 18 units remaining, but the condo that first brought Harlem a luxury condo dealership targeting professional athletes is nothing if not determined. It has emerged from bankruptcy and is restarting sales, the Journal reports. Congrats, old friend! In honor of the occasion, the prices have, er, been Chopped again. They're now between $475 and $630 per square foot, compared to the old $550 to $725 per square foot. (The building's StreetEasy page shows listings from $599,000 to $1.759 million.) One Harlem broker estimates to the Journal that Harlem condo discounts will probably hover around 30 percent off for the next 18 months. Time to rustle up those down payments, buyers?
· New Life for Harlem Condo Project [WSJ]
· The Lenox [StreetEasy]
· The Lenox coverage [Curbed]