Desperation Leads to Sealed Bids at Shangri-La

TWO WORDS... RENTAL BUILDING

Posted by: guest at December 3, 2007 11:13 AM

i would say about $200psf sounds reasonable

Posted by: guest at December 3, 2007 11:14 AM

I don't understanding listings that say "all reasonable offers accepted." What's the difference between that and any other listing? If you bid lower than they want to sell for, they just say it's not reasonable. They need to actually change the asking price, if they are serious about selling.

Posted by: guest at December 3, 2007 11:18 AM

We've been here 3+ years and it's a great neighborhood. Now that the prices are coming back to reality, hopefully people will be interested.

Posted by: guest at December 3, 2007 11:19 AM

I don't think they are really desperate as yet. When they are really desperate they will cut the asking price about 30% at least.

Posted by: guest at December 3, 2007 11:20 AM

It is these fringe developments that go first. It is only a matter of time that other developers large and small have to face up to the reality of a new financial reality. It is that reality that will bring many busts. Wall St has only just announced the start of lay-offs.

I would not feel so bad for the greed of these developers littering our town whith a legacy of cheaply constructed crap!

Posted by: guest at December 3, 2007 11:30 AM

Well gee maybe if they did not lie and say this is in PARK SLOPE more people would be interested. LIARS!! LIARS!! LIARS!!!

Posted by: guest at December 3, 2007 11:34 AM

I hope the lone buyer talks to a lawyer to see if they can get back their deposit, then put in a lower bid! how would you feel opening up the sunday papers to see that?

Posted by: guest at December 3, 2007 11:36 AM

Btw - is this location even still considered Park Slope? The asking price sure is...(and that's what the add says)

Posted by: guest at December 3, 2007 11:39 AM

I feel bad for the one and only buyer. They should have done their homework, they would not be sitting on negative equity. positive side is no noisy neighbors. The developers should come down on price, half a million for a 1 bedroom is retarded.

Posted by: guest at December 3, 2007 11:46 AM

615k for a one brm in greenwood hghts. i can't imagine why these aren't flying of the shelves.

Posted by: guest at December 3, 2007 11:56 AM

Steps to the ConEd substation.

Posted by: guest at December 3, 2007 12:03 PM

It's not so much the location of this building as the design, construction, and layouts. All three were not what you would expect for something in that price range. Not a very thoughtfully conceived building, guess that its lack of sales reflects this.

Posted by: guest at December 3, 2007 12:03 PM

[sound of crickets]

Posted by: guest at December 3, 2007 12:11 PM

Elliman couldn't sell their way out of wet paperbag.

Posted by: guest at December 3, 2007 12:17 PM

Wow, doing the simple math shows the developer is looking for close to 10 Mil for all the units based on asking.

Ive been to this building, cant see how it is even worth 4 or 5 million - or roughly the price of 3 very nice brownstones in this area.

Developer should just cut prices by 30% and take whatever they can get. Even at those prices they will likely turn a decent profit.

I would get out before I cant give them away...

Posted by: guest at December 3, 2007 12:25 PM

LOL at the pictures of pillows in the listing...

You have four pictures on display without having to open a new window to see more, so naturally you choose A CLOSE-UP OF PILLOWS?

Posted by: guest at December 3, 2007 12:35 PM

Anyone with the audacity and lack of imagination to call a piece of crap like this Shangri-La deserves a swift kick in the ass, preferably in the form of a huge money loss. Only then will developers learn that they have to build quality to sell.

Posted by: guest at December 3, 2007 1:15 PM

agree that this building is not too great, but i have used elliman 2x now with great success.

Posted by: guest at December 3, 2007 3:04 PM

as long as these far out 1 bdrms are going for $500k+ i know the bottom is a long way away...

Posted by: guest at December 3, 2007 4:39 PM

I bid a nickel and a cheese sandwich.

Posted by: guest at December 3, 2007 6:50 PM

I went to an open house a few weeks ago. The construction was very shoddy. The apts seem like they were slopped together. There is a building on 22nd (6th and 7th) that went up that we looked at as a comparison. It was much nicer and better constructed!

Posted by: guest at December 3, 2007 7:12 PM

I heart this neighborhood (and the cemetary), but the name Shangri-La makes it sound like a retirement home. Since when did addresses become no longer an acceptable way to identify a building?

Posted by: guest at December 4, 2007 4:15 PM