We haven’t taken a look at the Elan condo, which is on 4th Avenue and 1st Street, since September, when the developer implemented sweeping price cuts and passed the marketing baton to Apartments & Lofts. The latest word on the building, according to current listings, is that FHA approval is pending. Ads are also touting unspecified “incentive packages.” (Requests for elaboration from Apartments & Lofts on what those incentive packages involve have not been answered.) According to StreetEasy, there were additional, though very minor, price cuts on a couple units earlier this month: A one-bedroom went from $599,000 to $567,500, and a two-bed went from $670,000 to $649,000. Also, if StreetEasy’s rundown on the Elan is correct, the price cuts haven’t done much to sell units here: Of the three condos that are in contract, all were spoken for before last fall’s chops and the building’s rebranding. This one just seems like it’s heading for trouble.
Broker Switcheroo, Huge Price Cuts at The Elan [Brownstoner]
The Elan [StreetEasy]
Condos of the Day: 255 1st Street [Brownstoner] GMAP