the edge

define safe

The Edge and 80 Met are being very firm with their pricing. North Side Piers is much more flexible, and frankly, is drawing a lot of buyers away from the other two projects. 80 Met and The Edge will be selling for quite a few years, I think NSP will fill up in a lot less time. I would hold off on offering on 80 Met and the Edge. They will probably slash prices in a few months. NSP has already slashed their prices quite a bit, and are still much more flexible.

check out the recent discussions on the respective sites, e.g.
http://streeteasy.com/nyc/talk/discussion/4157-the-edge?page=6

I do not agree on NSP with realist. They will need to come down in pricing as well and that will certainly happen once they start closings.

My experience was that the Edge was willing to negotiate on price, and NSP2 was not. NSP1 was not a comparable property imo, and the units they were slashing when I looked had views of a brick wall or a future construction site.

Skir - You don't have to agree with me. But you can't deny the numbers. NSP outsold the Edge almost 3 to 1 in April and May. NSP is a smaller development (by about 100 units), yet it's outpacing sales at the Edge by a lot. NSP tower 1 was not nearly as nice as The Edge. And even though NSP 2 is a lot better, I still think the Edge is a nicer development. However, the Edge needs to get its prices in line. Yes, they can charge a premium over NSP, but obviously they are charging too much at this point. NSP tower 2 is about 30% full, it will start closing in September (supposedly). The price per square foot is still well below what the edge is offering.

treetownal- What's your "experience"? Are you putting offers out there? The Edge hasn't been negotiating much. They are coming down 8-9% off peak 2008 prices, not enough to compete with NSP.

Realist, how can you be so sure of your numbers?!! Not a single unit has closed to date in both developments. Tracking the number of units marked "off market" on Streeteasy doesn't get you anywhere, because that's sellers discretion, right?

Skir - Wrong. NSP 1 has closed a lot of units, those sales are public record. NSP 1 is around 90%. NSP 2 is around 30%. The Edge is maybe 30% total for both towers. The Edge is closing in a couple weeks. You will have buyers who are not able to close because they cannot get financing, so that 30% will dwindle. Unless, the Edge can outpace the loss of buyers in contract with new sales.

I don't know the split between NSP tower 1 and tower 2, but if you assume that it's a 50/50 split in units that means NSP has sold about 60% their total units. Which puts them way ahead of the Edge. Frankly, the more The Edge holds out on their pricing (and 80 Met) the better it is for NSP and Toll Brothers. I know The Edge says their developers have deep pockets and they can wait things out, but it seems to me that Toll Brothers will win in the end. Toll Brothers is huge in comparison to the developers group. They can build tower 3 at NSP while the Edge is still selling.