Bubble Wrap

Toll Brothers Slashes Brooklyn Condominium Prices by Up to 37%

Bloomberg follows up with the big price cuts at One Northside Piers by reporting that 5 units have since gone pending, leaving 55 still unsold. If Toll Brothers is successful in drawing more buyers because of these cuts, experts believe other developers could follow suit.

“There is a stirring going on in the market, but only at a lower price point,” Michonski said. “Once prices reach a certain level there is a market—and a robust market.”

More price reductions are likely, he said, “especially if this works, which I think it will.”