125 North 10th Street and Doug Bowen

The two-building, 86-unit condominium at 125 North 10th Street in Williamsburg has sold out, according to Core, the exclusive sales agents of the building. Savanna and Investcorp began construction of the building in 2006, and continued to work on the development through the downturn, readying the units for sale in January 2008. But for more than a year sales were non-existent, with the first residents not moving in until June 2009. “It was right in the middle of the worst period for new developments in the history of New York City,” said Doug Bowen, a senior vice president at Core, who is one of the agents on the project. TRD [more]

From the October issue: They’re known as “dog” lines: the vertical row of apartments in a condo
building that are hardest to sell. They may lack a view, be oddly laid
out, or be smaller than their neighboring units down the hall. While dog lines tend to sell last in any market, they can be
especially difficult for developers to deal with in a downturn like
this one. David Sigman, a senior vice president and principal with the
development group LCOR Incorporated, which has several New York
projects, said that developers may be particularly vulnerable to dog
lines if they negotiated minimum sales prices with their lender and the
offers for apartments are coming in below that amount.