Kenneth Horn and Isis Condominium

The 32-unit Isis Condominium on the Upper East Side has achieved its 17th sale, according to developer Alchemy Properties, meaning prospective buyers are privy to new lending options. It took three price cuts, but sales appear to be picking up in the building on the corner of East 77th Street and Second Avenue, as Streeteasy.com shows eight sales in the building since January, at least three of which closed for within 7 percent of their asking prices. Sales started at the building in the spring of 2008, according to Streeteasy.com, but Alchemy, which also markets the property, took units off the market after lowering prices in 2009. It relaunched sales again in February 2010 with lower prices. – Adam Fusfeld [more]

Isis, the Upper East Side condo tower by Alchemy Properties, has just undergone its second round of across-the-board price cuts this year, Curbed reported. The 18-story, 32-unit building at 303 East 77th Street at Second Avenue had seen its prices slashed in February after returning from a sales hiatus, but apparently, that wasn’t enough to inspire many signed contracts. Units in the building, which at the initial sales launch ranged in price from $1.63 million for a two-bedroom to $5.5 million for the four-bedroom penthouse, now range from $1.348 million to $5.3 million for the same units, with an average asking price of around $1,500 per square foot. [Curbed]

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The Isis boutique condominium on the Upper East Side has decreased the
prices of all of its 32 units as it prepares to start sales. “We have to be cognizant of the market,” said the project’s developer, Kenneth Horn, president of Alchemy Properties. “We looked at all of
the comparable units on the Upper East Side, and we wanted to come out
lower on a price-per-square-foot basis.” The building, at 303 East 77th
Street, recently topped out, and Horn said his company held off on marketing
the units until its model apartment was completed. Alchemy is doing its own marketing and sales. Under the old
pricing, units ranged from $1.63 million for a two-bedroom unit to $5.5
million for a four-bedroom penthouse. Now, for the same units, the
pricing ranges from $1.55 million to $5.3 million. Horn said Alchemy cut
prices between 5 and 7 percent, depending on the unit. The 18-story
building was designed by FXFowle Architects, and Horn said his company bought
air rights going to the north and east so the building could have
“light and air on all four sides.” TRD [more]