Builidng at corner of 23rd & 3rd

If it is the new construction on the northwest corner, I actually believe it is a condo (try poking around www.curbed.com for a write up on this with the last 18 months. As I recall the project was being marketed heavily in Ireland and that is where most purchasers were from.

I believe it is a NYU dorm

yeah- seems to be. I thought rental only because I hadn't seen a sales office. But, according to posts on curbed..its all NYU.

NYU bought the entire condo for around $500/sq

There was a main investor from Ireland whose deal fell through about 6months ago. NYU snatched it for around $500/sq and they are in the process of converting the entire building as a dorm.

interesting - so the going wholesale price for CONDO in that location is $500 / sq ft.

wonder how close to this number the Retail prices for condos will fall ..

Wow. Great grab for NYU. Everywhere they get a huge dorm without ruining a neighborhood is great.

You know what I don't get. The sponsor would've had no problem selling these units at 7-800/sq to individual buyers but they chose to sell the whole building at 500/sq. Maybe NYU is finishing up the building (interior)?

Eric,
This does not mean the condos go for $500/sq. This just means NYU purchased and dealt the whole building with a sponsor at 500/sq. Condos around this neighborhood is at around 1200/sq

ba294 - that's the distinction i made between wholesale and retail.

the builder can either sell the entire building to someone (wholesale), or hire someone like a halstead and sell it retail - one unit at a time. there are pros and cons of each.

with wholesale - he'll get lower price, but will not have to wait for a year or two to get rid of inventory, with limited control over price (in this market). In retail, ofcourse, the opposite is true.

it is very telling that the developer chose to sell wholesale for $500 / sq foot, rather than hire halstead, price it at going price of $1200/sq foot. It shows the mood of the industry.

I remember calling the building developer in Ireland last year and was told that he wasn't sure if he wanted to build a condo or a rental building. Now it seems like they couldn't afford building either one of them and ended up selling to NYU at a below market value. What a pity..