Toll Even More Serious Than We Thought About Price Cuts
It seems that the price cutting situation at Northside Piers in Williamsburg is more widespread than we or Curbed thought. A tipster points out that some of the higher-priced units actually got huge price cuts but didn’t show up on StreetEasy with a down-arrow next to them. To wit: Penthouse 2 was massacred from $2,019,990…
It seems that the price cutting situation at Northside Piers in Williamsburg is more widespread than we or Curbed thought. A tipster points out that some of the higher-priced units actually got huge price cuts but didn’t show up on StreetEasy with a down-arrow next to them. To wit: Penthouse 2 was massacred from $2,019,990 to $1,274,990; PH3 from $2,111,990 to $1,350,990; PH5 from $1,680,990 to $1,095,990. Holy crap. What will the ripple effect be? GMAP
dang ampersand ain’t working
I remember when the crash came and they called the Empire State Building the Empty State Building. And you could have a good night out and a eat-a-teria a catch a trolley home for a nickel. I miss those days.
Reminds me of the Towers, the most luxurious building in Jackson Heights. It is very far from the subway, and was completed just as the Depression got underway. They couldn’t sell it for love or money, it became a rental, was divided up into smaller apartments, and so on. Apartments are 1,600-plus square feet, with fireplaces, butler’s pantries, elevators, a private playground. It’s Jackson Heights’ answer to the Dakota.
Building pretty much stopped for a few years because the builders couldn’t get financing. When it started up again, the new apts were sad shrunken creatures with dining “areas” instead of dining rooms and, of course, no fireplaces. That model hasn’t changed, alas, although post-war they added a lot of useless square footage, dressing rooms, second bathrooms, and endless windowless drivel.
Another side effect of the ‘cheaply and quickly’ built condos in WB is that the word has gotten out on some of them that there are issues with many of these. This may also be some of reason that the prices are dropping so far, so fast.
One friend bought a WB condo as an investment, only to find that not only does it need new major heat/water heater, but there are leaks throughout, and there are giant assessment fees for a leaking basement/poor foundation coming.
What seemed like a good investment 2 years ago is now sink hole for her hard earned cash.
talking of downtown didn’t anyone buy that top-floor place with the statent-island basement apartment windows yet?
Downtown Brooklyn will soon be looking mighty tender too, yes?
williamsburg is an animal unto itself – enormous glut and prices that had built in crack smoked future expectations. i’m not saying the wb should be viewed in a vacuum but it is in a uniquely tender spot. lic is similar but to a lesser degree.
“super high end luxury condos”
As far as I am aware the Edge place is the only development that might be described as that. Assuming it gets finished and not turned into a giant climbing frame.
Buy Buy dumb sellers are looking for buyers like you. Just don’t ask for TARP money.