Despite plunging prices, illegal hotel rooms and a loss of public confidence in condo developments, Page Six says it spotted "Prudential Douglas Elliman’s top broker, Ilan Bracha, celebrating at Buddha Bar with his team after selling 114 condos at Herald Towers in two days." A reader wonders "114 in 2 days? Were they selling them for $19.99?"
As evidenced by the contract signing for 114 units at Herald Towers, aggressive pricing does indeed overcome all obstacles. Despite in-fighting between the original sponsor and the new development team, and delayed closings, the incredibly well priced units at Herald Towers are flying off the shelf.
A recent article in The Sunday New York Times examined the difficulties that both seller and buyers were having with this project. That said, it obviously drew a great deal of attention to the project as well as a new marketing campaign headed by Ilan Bracha and his team; generating a massive flurry of activity which resulted in two days of intense contract signing.
A Curbed reader asked if they were "selling them for $19.99." Not quite, but you’ve got the right idea! With these condo units priced below $800/sf, many people jumped at the chance to own their very own piece of the Big Apple—crunch!
I’m curious to know whether or not many of these units were purchased by a single investor who saw this great opportunity. Only time will tell.