Bleecker Court

definitely construction zone on mercer with NYU building up a couple of buildings. Underlying mortgage is pretty big as well, backed by lease on commercial units on bway.

so many units on the market

Any updated thoughts on why so much churn is happening in the building? Seems like a quarter of the building is up for sale at any one time.

No real reason. It's a big building with many units, it's normal for a chunk to be on sale at any time. Also, a lot of the tenants are younger, so they only stay for a few years.

Not all that long ago the units were almost unsellable mostly due to high maintenance relative to similar units in the neighborhood (same thing held for 250 Mercer St). My guess is that what you are seeing is a lot of people who have been holding on to units because of that getting out "while the getting is good".

2021 brought in a new board, which has breathed a welcome sense of community and cooperation into the building. During the lead up to the Annual Meeting, I became aware of many long time shareholders for whom this is home, and who are very supportive of the new board.