Following sluggish start, Savanna’s W’burg condo sells out

New York /
Apr.April 21, 2011 04:22 PM
125 North 10th Street and Doug Bowen

The two-building, 86-unit condominium at 125 North 10th Street in Williamsburg has sold out, according to Core, the exclusive sales agents of the building. Savanna and Investcorp began construction of the building in 2006, and continued to work on the development through the downturn, readying the units for sale in January 2008. But for more than a year sales were non-existent, with the first residents not moving in until June 2009. “It was right in the middle of the worst period for new developments in the history of New York City,” said Doug Bowen, a senior vice president at Core, who is one of the agents on the project. “And Williamsburg was arguably the hardest hit because of all the negative press surrounding developments in the area.” But thanks to the buildings’ prime location Between Berry Street and Bedford Avenue — and a strategic price-cut across the building, sales picked up rapidly. The developers targeted the high-end of the market and originally priced the units at about $800-per-square-foot, but Bowen dropped prices 15 percent across the building. As a result, between October 2009 and September 2010, 65 one-, two- and three-bedroom units were sold, some for as much as $730 per square foot. The two buildings are separated by a sculpture courtyard and feature a multi-media room, a gym, a bodywork studio and fully-furnished roof decks. TRD


Related Articles

arrow_forward_ios
New data platform finds hot housing markets while they’re still just warm
New data platform finds hot housing markets while they’re still just warm
New data platform finds hot housing markets while they’re still just warm
Top loans: Related Companies exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
First-time fund managers bet $480M on self-storage across US
First-time fund managers bet $480M on self-storage across US
First-time fund managers bet $480M on self-storage across US
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
KKR CEOs George R. Roberts and Henry Kravis with My Community Homes CEO Marcos Egipciaco (Linkedin, iStock)
Another investment firm dips into single-family rentals
Another investment firm dips into single-family rentals
Mark Calabria and Sandra Thompson (Getty, FHFA)
Biden ousts Fannie, Freddie overseer, leaving them in government’s hands
Biden ousts Fannie, Freddie overseer, leaving them in government’s hands
Salesforce CEO Marc Benioff and Amazon's Jeff Bezos are backing the startup (Getty, Arrived)
Bezos-backed Arrived Homes is latest startup to expand real estate investment
Bezos-backed Arrived Homes is latest startup to expand real estate investment
Real Estate EFTs See Investment Amid Pandemic Recovery
Why investors are rushing into real estate ETFs
Why investors are rushing into real estate ETFs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...