Friday, May 11, 2007

Gramercy Starck Condo Update

Finally made it into Starck with a client yesterday, and some of my fears were realised. I figured that the building would be a quick mover and that the prime apartments would be picked over or amended up in prices and my experience was a combination of both. Since opening last week, 70 units are in contract. The "D" line that I had targeted for my clients (approx 1100sf, High floor, 2bd/2ba, for 1.24mil) had either gone to contract, or I suspect were pulled from the market awaiting a price amendment. The first price amendment is expected after the weekend, and my best guess is that the D-line will likely be marked up an additional 100k. I'll update on that when it happens. There are still some very exceptional high floor South facing 3 bedrooms that are over 1600 sf for just over 2 Mil.. We'll see if those last through the weekend.

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