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
I’ve been up there, the view is good and the park is right there and has a decent farmer’s market with a fungi guy and a fishmonger. Still, its not much closer to the subway than Northside towers and the finishes are iffy (leaking windows warping floors in a friend’s apartment). I’m sure their asking prices will plunge too.
“Though I would extend this beyond the borders of Wiliamsburg to all of NYC, or actually, all of the world, as this deflating bubble is a global issue.”
Sure, but I think it is always interesting when you can pin it down locally like that and see how individual developments over reached. There are obviously some places where super high end luxury condos make more sense than in Williamsburg.
Ditto:
I’ve been curious about 20 Bayard actually. Wasn’t that one of the first buildings to go up around the park some time ago?
Just noticed that a whole sh*tload of units hit the market on Corcoran’s website a couple weeks ago at 20 Bayard. I don’t know why…I had thought that one would have sold out long ago.
If that place isn’t even sold yet, how can we expect these ones down by the water to fair much better?
I like aspects of brownstone & preserved hoods, and I also like sleek modern glassy interiors with great views.
I do remember having a belly laugh though when I read that penthouse at the top of 20 Bayard on McCarren park in the Burg went for some loony multimillion price.
christopher-
I agree. I guess the inclination decision depends on whether you think that 1MM is the floor there. Man, I just don’t know that even there you’re going to be pleased with the deal come the fall.
I (nodding my head with team BEAR) was searching for 2Br, <700K, open houses for this weekend in real Park Slope on Streeteasy and there were a few coop & condo with some large price drops within the last 7 days.
Address
190 Garfield Place #3F – Price reduced 30K
209 Lincoln Place #9B – Price reduced 51K
45 Seventh Avenue #5 – Price reduced 49K
90 Eighth Avenue #4C – Price reduced 50K
320 Eighth Avenue #4A – Price reduced 51K
502 1st Street #4 – Price reduced 97K
502 1st Street #3 – Price reduced 61K
502 1st Street #1 – Price reduced 95K
unemployment at 7.6% and heading higher … more price reductions coming
“They over-reached and now they are scrambling to limit the damage to their bottom lines.”
Sounds about right. Though I would extend this beyond the borders of Wiliamsburg to all of NYC, or actually, all of the world, as this deflating bubble is a global issue.
If you had the cash and the inclination you could probably walk in at offer $1,000,000 even for PH2. Quick cash deal. They would probably take it.
But of course, that is only if you had both the cash and inclination…
“Williamsburg right now has the best concentration of retail, restaurants, and services *for the money* in the whole city.”
That’s a bold statement.