Is the condo building frenzy on 4th Avenue grinding to a halt? A couple of weeks ago we found out that a would-be developer on 4th Avenue between 8th and 9th streets had decided to sell off his property along with the approved plans for a glassy condo he planned to build. And now we’ve learned that another development site just a block away is also on the market. Massey Knakal has a listing for 426 4th Avenue that includes plans for the building shown above. The 50-by-60-foot lot (see photo on jump) is going for $3.75 million; according to Property Shark, it sold for $500,000 a few years ago. So what gives? Why are these guys bailing on their projects? Is 4th Avenue looking like a shakier bet than it did a couple of years ago?
4th Avenue Glassy Condo Site Asking Almost $10 Million GMAP P*Shark
4th Avenue Condos: The Next Generation? [Brownstoner]