Kalahari slashes prices

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With 12 units left for sale at the 249-unit Kalahari condominium in Harlem, FSLM and L+M Development Partners have slashed prices. The building, at 40 West 116th Street between Lenox and Fifth avenues, is 95 percent sold out including the four units scheduled to close this month, according to a press release from L+M. Prices have been cut by as much as 20 percent, the release says. The price of a 1,386-square-foot three-bedroom, two-bath apartment, for example, has been cut by nearly 6 percent to $815,000 and a 1,732-square-foot four-bedroom, three-bath unit is currently going for $1.14 million, a 19.5 percent discount, the release and other pricing information show. The new prices at the green development are reportedly to better reflect the current going rates; the original prices were determined in 2007, the same year when sales began. It was not immediately clear how the price cuts would affect residents who paid the pre-bust prices. At other Harlem developments, like Beacon Towers at 29 West 138th Street, new buyers were enticed with a $300 maintenance discount in order to spur sales, but the same incentive was not extended to existing homeowners in the building. Halstead Property is managing sales for the Kalahari, which includes an on-site parking garage. TRD

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