The Riverhouse Saga Continues With... Massive Price Chops?

The Riverhouse in New York CityHave we covered The Riverhouse well here at the New Construction Manhattan blog? If we dare say so ourselves: yes, yes we have covered The Riverhouse very, very well here at the New Construction Manhattan blog. There are a few reasons for this, foremost among them the fact that the LEED Gold The Riverhouse is one of the finest condo listings in Battery Park City and one of the greenest of the green condo listings in Manhattan, period.So there's that. But another big reason for our blanket coverage of The Riverhouse is that it's just so darn interesting, from Leonardo DiCaprio signing a lease to its squabblin' owners to its presence in the mixed-up real estate scene that is Battery Park City. It's in the news again today, thanks to a Curbed report of extensive price cuts on a number of condos for sale at The Riverhouse. Which means it's in the New Construction Manhattan blog again. Naturally. The troubled relationship between The Riverhouse's management and developers is catnip for a certain type of NYC real estate dork, but for our purposes here at New Construction Manhattan, the fact that the prices have come down dramatically on select condos at The Riverhouse is the big story. "What happens after cuts at the top? Price cuts!" Curbed's Sara Polsky exults. "Fifteen units at Riverhouse have gotten chopped between 6 and 20 percent (with most cuts at the tamer end of the range). The biggest, a 20 percent chop off 2BR, 2BA #11C was $260,000, leaving the $1.025 million unit with a price tag of $942/square foot." When you remember that this is a LEED Gold condominium that's routinely ranked among the hottest apartment listings in Manhattan, that per-square-foot price looks even more surprising/enticing. Curbed reports that 77 units remain unsold -- against 187 sales -- in the building. If The Riverhouse's extra-eventful last few months is any indication, this will not be the last you read about The Riverhouse here at the NCM blog. But you probably already knew that.

NYC Daily Real Estate Blog