The Real Deal New York

Post-Lehman era’s Chelsea Enclave sells out

February 15, 2011 09:22AM

The last two units at the Brodsky Organization’s Chelsea Enclave cond-op have gone into contract, wrapping up a three-year sales effort that began on the same September 2008 morning that Lehman Brothers Holdings collapsed, the Wall Street Journal reported. According to Corcoran Sunshine Marketing’s James Lansill, who was heading up sales there, the building is the first large Manhattan project to sell out after coming online in the post-Lehman Brothers real estate market, and did so by cutting prices early and across-the-board. Ultimately, apartments at the building, located on the grounds of the General Theological Seminary, went for an average of $1,650 per square foot, down 19 percent from the $2,035 per square foot the developer was asking initially. “We actually did quite well but not as well as we thought we would when we started,” Daniel Brodsky said of his company’s profits on the project. [WSJ]

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