Stephen G. Kliegerman
President of Development Marketing
By S.Jhoanna Robledo
In October 2008, New York surveyed 37 new condominiums to see how they were faring in the worst days of the credit crisis. We discovered a near freeze in sales, with multiple projects on the brink of foreclosure. This week, amid news of a sluggish but perceptible turnabout, we checked back in. Many of the buildings in our survey did, indeed, stall and stop selling, like the Viridian, a 130-unit Greenpoint development that filed for bankruptcy last year. But a handful of those 37 has done better than okay, and a couple have completely sold out. We looked at six condo projects that have clawed their way back into business.
The Building: Graceline Court, 106 West 116th Street, Harlem
That Was Then: After sixteen months on the market, 19 of the 32 apartments were in contract, and prices had been slashed for the remainder.
This Is Now: Some of those 19 contracts fell through, but of the 32 units, only four are still available, and two of them have serious lookers, says Halstead’s Stephen Kliegerman. The original sales team had sold 50 percent of the apartments by July 2009 after aggressively discounting one-bedrooms; Kliegerman’s firm took over soon after and campaigned heavily to raise the building’s profile and bring in buyers’ brokers.
Sunday, June 06, 2010