Five contracts signed, one deal closes at Apthorp in seven months

New York /
Jun.June 10, 2011 06:18 PM

In November 2010, Corcoran Sunshine Marketing Group took over marketing for the troubled Apthorp building at 79th Street and Broadway, after Prudential Douglas Elliman’s Dolly Lenz resigned

The sales team, said Beth Fisher, senior managing director of Corcoran Sunshine, has closed on one unit, and an additional six are in contract, for a total of $30 million, and an average sale price of $2,000 per square foot, according to the Times. Condos on the market range from $2.65 million for a one-bedroom to $16.07 million for a 10-bedroom.

Elliman had already sold 35 condo units out of 165, many of them at discounts as steep as 30 percent off original asking prices.

There are currently 11 active sales listings, according to data from Streeteasy.com.

Corcoran Sunshine faced a major challenge with the property, whose inevitable financial troubles began after the housing crash in 2008. The developers were drive to the brink of foreclosure.

Then there were disputes between the original developers and, as The Real Deal previously reported, complaints from tenants concerning dust and dangerous conditions relating to renovations. [NYT]


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