With condos in new developments sitting empty, Williamsburg developers
have to slash prices to move units. After the Toll Brothers cut prices
at Northside Piers by more than 22 percent, other buildings followed suit.
“When they dropped those prices, they made anyone inland have to look
at their prices,” said David Maundrell, president of Aptsandlofts.com.
“We had to be realistic and do what Toll Brothers is doing because it’s
only a matter of time before buyers realize they can buy for $650 [per
square foot] near the water.” Maundrell cut prices at the Evry condo,
at 273 Manhattan Avenue, to $595 per square foot. Other developers who
don’t want to drop prices have been offering incentives, like
purchasing a rooftop cabana at a discount, but brokers say the only way
to move a lot of units is by lowering prices. [more]