In the biggest Williamsburg slashing since last summer’s machete attack, the developers behind the skyscraping Northside Piers development cut the prices on some condos by a shocking 37 percent.
Earlier this month, Toll Brothers reduced the prices of some 50 units in the waterfront development’s first 180-unit tower — units that have gone unsold despite two years on the market.
The ailing economy coupled with the recent launch of sales efforts at a second yet-to-be-completed Northside Piers tower motivated the developer to slash prices.
“We want to move the inventory in the first tower in order to concentrate on the second tower going forward,” said Toll Brothers Senior Vice President David Von Spreckelsen.
“We thought that after the holidays we would address the prices given where the national economy and sales market were and see if that would move units more quickly,” he added.
The biggest cuts came to penthouse units including a two-bedroom condo that dropped in cost nearly 40 percent from $2,019,990 to $1,274,990.
But units elsewhere in the Kent Avenue 29-story high-rise weren’t spared from the clearance.
Two bedroom and three bedroom apartments on lower floors suffered 21 percent slashes, falling in price from $868,990 to $689,990 and $1,111,990 to $874,990 respectively.
Von Spreckelsen insisted that there will be no price cuts in the 270-unit second tower, which will be under construction for about one more year and “came out the door with lower prices.”
Other Brooklyn condo towers aren’t offering such large-scale price reductions — but they’re touting incentives aimed to convince would-be buyers to pull the trigger.
“We’re not going to do a drastic price cut — no other building in Williamsburg is going to do a drastic price cut,” said Highlyann Krasnow, executive vice president of the Developers Group, which is selling units in the Edge development next to Northside Piers.
“But it’s a buyer’s market today and buyers can negotiate,” she added. “Sometimes it’s a little off the price, sometimes it’s a little bit off the closing costs.”
©2009 Community News Group
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