Condo prices slashed 25% at big Brooklyn tower (Oro)

Had they put the damned tower in Long Island City, THEY WOULD BE RAISING PRICES NOW!

Wrong again, Steve ... there are lots of towers in Long Island City: http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=towing&sll=40.757452,-73.923684&sspn=0.033028,0.055189&ie=UTF8&radius=1.45&rq=1&ev=zi&hq=towing&hnear=&ll=40.755515,-73.925371&spn=0.031403,0.055189&z=14

(not all of them damned, though)

Long island city values are holding much better then Brooklyn. Cant argue with that

That's like saying DUMBO values are holding much better then Queens.

alan, I think Steve is joking.... he's never been an LIC fan...

why would they wait so long to chop the prices? they should have done this before the end of peak season. I think this building looks nice, the bedrooms are a little small. Out of all the DT buildings I think this is the nicest IMHO

"why would they wait so long to chop the prices? they should have done this before the end of peak season. I think this building looks nice, the bedrooms are a little small. Out of all the DT buildings I think this is the nicest IMHO"

They were negotiating reasonable prices (e.g. slashed prices) months ago with interested buyers, this is just making it official. It is a nice building, maybe traffic will pick up.

Perhaps they were waiting for Toren to start closing on units.

> Long island city values are holding much better then Brooklyn. Cant argue with that

You can certainly argue with that. LIC is getting its ass kicked.

What's your source?

this is hifrickinglarious.

ah, i think some of those towers are family-owned.

Never heard of them.
Brookyn+small developer. Probably in trouble. They switched sales teams too which suggests failed efforts.

I never had high hopes for Oro even at the market peak. Somehow a "luxury" condo that advertised on the subway did not inspire trust as a place to invest over half a million $$$. Being in the same company as Dr Zizmor and "Train Now For Your Future"...

and so the dominoes start to fall.....

nyc10022, I'm disappointed in you. You didn't even click the link.

so when does north side piers cut ?

well, I don't think they really chopped price because they raised maintenance around $300. 2bed 2bath unit used $850 per month, now it's $1150. do this marketing people think that buyer will not notice? these kind of BS is the exact reason why Oro is doing terrible except Forte.

Alanhart....Thanks for posting!

the 25% price cut at ORO in Downtown Brooklyn was actually predicted by me (as well as many others) on previous threads on streeteasy.com

An essential step in correcting this very troubles real estate market!

It should not take to long for TOREN and the rest of condo developents in the D/B area to slash prices as well!

Only then will the inventory slowly be absorbed!

And yet, the Oro 2 is still on the plans to be built. Strange....

lisa the cost of construction has plummeted as well.

What do you all think about Riverwalk court condos on roosevelt island they dropped prices 23% one bedrooms from $680 to $530...do you think that is enough...any feedback would be appreciated

"And yet, the Oro 2 is still on the plans to be built. Strange...."

They just filled the hole in the ground for Oro 2 so that the developers can leave it as a vacant lot for an extended period of time.

It will be interesting to see what happens in general. If dropping prices and switching sales teams does not work for Oro or any other condos who are desperate right now, I suspect other developments who have not even begun closing will try a different method of enticing customers. Oh to have a crystal ball...

Who are you people? Prices only go UP in Long Island City.

Alan: I love a good homonym joke. Much better than an ad hominem.

nina in regards to riverwalk i think the monthlies are too high. its still cheaper to rent then buy

nina stay away from RI..if you must, take a walk around the hood round 11pm sat night
why buy an severe outlier like RI when there's a glut of supply in all boros?

samadams, i have heard that the prices for steel right now are in the stratosphere. certain costs are much lower, but not all.

abooutready the cost of building a building is 20-25 percent less then it was one year ago! Thats why a bunch of developers are moving forward with huge brand new buildings. ie-related on 42nd

Isn't that largely due to union concessions?

samadams, are you sure you're not only talking about labor? the reasons for continuing construction in a down market can be quite complex, and not always intuitive.

i'd have to think that the cost of financing, to the extent it wasn't already obtained, has also increased significantly. some builders are going ahead because they have financing in place, and they don't think they'll obtain new financing any time in the near future.

alanhart ding ding ding. HUGE union concessions and the cost of land. Aboutready i am well aware of why buildings still go up during bad times. aboutready I know for a fact that the cost of putting up a building are 20 percent less then 14 months ago. As far as financing there is a Federal stimulas bond program for projects that did not have financing

Now back to our regularly scheduled programming:

'the roof, the roof, the roof is on fire!!!!! We don't need no water, let the motherf-er burn!!! Burn motherf-er!!!!!!

'no sleep till Brooklyn!!!!!!

everyones gonna have to cut now to get the signings before jan1 when the banks come callin

wow that's dark, w67th. You really think it will be "Brooklyn is burning" instead of "the Bronx is burning"...?

When I came to the us, Bronx indeed was burning. I could smell it outside our 6 floor walkup. I say spread the cheer around. And FYI I went to a few brooklyn house parties and both those songs were always playing. It's like a borough anthem.

Well...if, as the article says, a studio for 295K is what you can now get, I think it is still too f+++++++ high. Come on. ....you guys are too easy on this thing...or am I missing something.

> nyc10022, I'm disappointed in you. You didn't even click the link.

ouch, you got me. thats a good one...