Rushmore 30% price chop

Unit originally listed for $2,080,000 and sol for $1,471,371
2080000. Works out to just over $1,000 per square foot and river view.

If this is the new market. I think it represents value

Riversider: Since the deepest discounts at the Rushmore up to this point was 20%, this is indeed news. I wonder why SE would allow this closing without any info about the listing or size. What do you mean by insiders are now buying?

This also explains why they claim to have sold so many apts early this year -- deep discounts. I imagine we will see more of these discounts as march and april closings happen.

Extell continues to be under pressure. They have a huge investment on W58th street that appears to be stalled. They are fighting the AG on the Rushmore ruling. And their interest loan calls must be looming. I think the longer you wait on the Rushmore, the more attractive prices will be. I don't think this is the end of discounts.

of course it doesn't beat the 40% discount that Extell gave at 535 West End Ave

apt23. look at the buyer and do a google...

535 West End Ave is different product than Rushmore. Demand may be more price inelastic require larger price cuts. If memory serves all the units are fairly large.

In a deal like the one with the broker in 19F...I wonder if the IRS could make the case that the discount received on the property amounted to income?

http://ny.curbed.com/archives/2010/06/18/rushmore_buyer_gets_biggest_discount_yet_with_30_percent_off.php

I guess curbed rehashed this post...

Anyone know the answer to Walterh7's question?

New Question, have the closed enough units for the success of the development to be assured This is a different question than if Extell makes money.

1.5 million discount here

http://ny.curbed.com/archives/2010/07/12/upper_west_sides_rushmore_still_handing_out_discounts.php

It's the same couple who bought 32E at 200 RSB back in 2006.

Seems there are a group along the blvd who really like it and become repeat buyers when new properties become available...if they think the price is right...Doubts about Rushmore's viability should fade more and more if this keeps up.

"1.5 million discount here"

And your point is...? Ask was ~$2,250 psf and it sold for close to $1,800 psf. No one is going bankrupt selling their new developments at anything like these prices.

It continues to mystify me how focused people get on discount to ask, given that developers can and do post whatever asking price they care to. But as long as "discounts" continue to get a reaction from the audience, the developers are clearly smart to price this way.