In another clear sign developers are having a tough time moving condos, word on the StreetEasy discussion board is the Piet Mondrian-inspired 192 Spencer Street in Bedford Stuyvesant, also affectionately dubbed the Kodachrome building, is going rental. Last November, we reported 10 percent price cuts, bringing one bedrooms down to $325,000 to $611,100 depending on size (with tightened lending practices, the down-payment for those units would be $65,000 to $122,220). Calls to the developer and sales agent were not returned, but listings have been pulled from The Developers Group website. After the developer closed on the property in 2004, an 18-unit condo across the street sold out within six months for $300,000 to $445,000, according to Property Shark. Was Kodachrome priced too high for the area or was its timing just bad? Or is the area just not quite there yet?
Kodachrome Building Open For Business [Brownstoner] GMAP
‘Kodachrome’ Building Underpromises, Overdelivers [Brownstoner]
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