75 Wall

I don't think it matters whether you have a broker or not - they aren't moving much on the prices - 10% is about what seems to be average. I makes no sense to me - they are spending literally millions of dollars every month on interest on their construction loan. If they dropped the price to what the market is in the neighborhood (probably $800-$900 sq ft) they might actually sell more than 2 apartments in a month. I do know that they have rented out a most of the unsold apartments which does give them some cash flow but also decreases the value of the apartment (they can no longer sell it as brand new). Also, many people do not want to buy an apartment that is part rental. Not sure if you have dealt with the sales office, but many of the people there have a serious attitude problem. In addition to being generally arrogant, they seem to think it is still 2007 (one sales agent in particular who I will not name is especially bad). Good luck

"they are spending literally millions of dollars every month on interest on their construction loan. If they dropped the price to what the market is in the neighborhood (probably $800-$900 sq ft) they might actually sell more than 2 apartments in a month."

Usually this indicates a building whose mortgage is contingent on them getting a certain price per square foot or per unit. Works out great for the mortgage holder (you said it; millions per month in interest) until they go belly up.

If you look at their previous closings, they have NOT sold their apartments at an average rate of 1200+ per sqaure feet. I have too experienced a serious attitude problem with them. They always think the "best" of the best. Which has no reality sort of sense to it. Of course I have stated inventory is not something small, which reflects to me thinking the owner can bend. Right now I'm thinking its not the owner standing strong, its more like Corcoran is standing "strong". So does anyone know a way around Corcoran, I'm open to suggestions.

My suggestion (which is what I may very well end up doing) is wait until the construction loan goes into default and the lender takes over, wipes out the sponsor and sells at much lower prices. That is what is happening at Setai (which has started quietly selling again at prices less than $900 sq ft). Similar thing happened at WBH except the lender opted to rent rather than sell. 75 Wall's construction loan is due in May 2012 (unless there have been amendments that have not been reported).

Thanks for the help downtown! So I guess we should wait 2 weeks and re approach the sponsor again? Or will there maybe a new sponsor that will take over?

May 2012 is in 1 year and 2 weeks, not 2 weeks.

Loan matures in 2012, not 2011. It depends on what you are willing to pay - I think the list prices are at least 30% too high. My guess (and it is nothing more than that) is that things won't change much until the construction loan comes due next year. I can't believe people are paying the prices they are paying at this place - even if it is only 1 or 2 a month. Then all bets are off. Setai, WBH and 25 Broad show that anything can happen once the sponsor is out.

Hopefully things will reshape after the loan matures in 2012, sorry about my previous mistake on overlooking the year.