When Corcoran took down the listings for the seven unsold units at The Minerva at 352 21st Street in Greenwood Heights in early August, we (mistakenly, in hindsight) wondered aloud whether the developers were admitting defeat and switching over to rentals. It now is evident that they were just taking an August breather: Over the weekend the listings reappeared on StreetEasy. Given that most of the prices have only been trimmed $10,000 to $20,000 per unit, the developer must be praying for a big surge in post-Labor Day activity rather than a new value-proposition to bail them out. We shall see.
Patrick Brennan’s Listings [Corcoran] GMAP P*Shark
Minerva Condos Pulled Off Market. Rentals Coming? [Brownstoner]
Condo Buyers Not Biting in Greenwood Heights [Brownstoner]