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Cassa NY's Problem All This Time: Not Expensive Enough

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Lackluster sales at midtown's off-white elephant Cassa NY are firmly rooted in a debut during one of the worst financial upheavals in modern history, but badmouthing by the building's starchitect, unsolicited critiquing by a reality tv show host, and bankruptcy protection and financial liens by subcontractors probably didn't help either. The building is taking a different tack now to stimulate penthouse sales: bumping prices from the 2009 intro levels. Cassa NY's #PH1, #PH2, and #PH3D have been relisted with Corcoran recently, with only the duplex holding steady at its sky high price of $20.3 million. #PH1 was re-listed yesterday at $15.2 million, or 19% above its 2009 debut ask of $12.8 million. There was an interim price bump up to $13.8 million in late April of 2010. #PH2 arrived on the market in February 2009 with a $13.25 million ask. That price was jumped 21%, to $16.0 million, this week. With the recent increases, only #PH1 is still listed at below $6,000 a square foot, and the duplex #PH3 is priced at $6,464 a square foot. The median price of the rest of the 37 units still available for sale at Cassa NY is less than $2,000 a square foot.
· Cassa NY [StreetEasy]
· Cassa NY coverage [CurbedNY]