Rental at 2283 Third Avenue

that is a very nice apartment...looks like a hotel room, but i just can't see anyone paying $5400/month for this place. if it was in the east 70's they might have a shot because of the fixtures and newness of the place, but not up there.

That particular broker is your typical slick, fast-talking salesman who's totally out of touch with reality. That building failed to sell even 1 unit as condos because they were overpriced and refused to adjust to the market. They finally gave up and went all rental but with the same delusions on price. Now the market (particularly in East Harlem, of all places) has tanked and they've been behind the curve the entire time.

jason,

Reality has still not set in and/or not reducing prices and having unoccupied properties is part of their business strategy.

What strategy is that? I have an MBA from NYU and fail to see what strategy involves having 40% vacancy?

Now they HAVE lowered prices on some smaller units by 33%, but the larger units remain at the same high prices.

Jason: Did you take Roubini's macro class?

why yes I did.