The Real Deal New York

Comps get complicated: Brokers face uphill battle on pricing

By Katherine Clarke | December 12, 2013 10:30AM

From the December issue: Last month, development giant Extell Development pulled the condominium units at its new residential tower at One Riverside Park off the market temporarily to adjust pricing. The price tags at the 35-story glass-and-limestone building were simply too low, the developer said, and 70 of the property’s 219 units had flown off the shelf in the 10 days since the offering plan had been approved by the Attorney General. The move by Extell goes to show that even master developers are having difficulties pricing for the velocity of the market, brokers told The Real Deal. [more]