Financial District price cuts average 11%

Bloomberg looks at some of the Financial District buildings that saw the deepest price cuts in the first quarter, following job losses at financial firms. Sellers in the neighborhood lowered prices on almost a third of condominium and co-op unit listings, according to Streeteasy.com, cutting prices by an average of nearly 11 percent. At the Cocoa Exchange building, at 1 Wall Street Court, a three-bedroom condo was listed in August for $1.64 million, had its price cut over a four-month period by 21 percent, to $1.3 million, and will probably go into contract this week for less, said Ronnie Diamonde, the Corcoran Group broker who has the listing.