Only two units at Extell Development’s One57 went into contract in the first half of the year, following a three-month period at the end of 2013 when none of the pricey condos sold. Is that simply because they’re priced too high?
The issue is actually less a question of demand than supply, Miller Samuel President and CEO Jonathan Miller said during an appearance on Bloomberg TV. They were really one of the first in and very aggressive in pricing, but overshot the market, he said. Click here to see the video.