163 Washington 80 Percent Leased; Cuts Rents

After years of development and a failed attempt at going condo, 163 Washington Avenue launched rentals in May. It sounds like the apartments haven’t been moving as quickly as hoped, based upon a round of price cuts last week. The one- and two-bedroom rentals were initially listed for $2,862 to $3,877 per month. Now, post-cut, prices range from $2,711 to $3,733. Think it’ll make a huge difference? And here’s a sales update, from an aptsandlofts.com rep: “The building is currently more than 80% leased with an impressive 16 apartments rented in the month of August alone. Leasing was strong out of the gate with two of the most expensive apartments – the two penthouses – being some of the first units to be rented out. The decrease you’re seeing is a limited time incentive for select units in the building.”
Clinton Hill Tower Going Rental [Brownstoner]
163 Washington Sold, Going Rental? [Brownstoner] GMAP