The Real Deal New York

Isis condo revamps pricing for entire building

June 23, 2009 05:41PM

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


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