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How much will they lose?

Started by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009
Discussion about 429 Kent Avenue #D715
BOT 02/23/2018 for $2,660,000. Listed 01/13/2019 for $2,800,000. 1 price increase and 2 price decreases later now at $2,500,000. 216 unit building with 13 active sales (2 of which are in contract). After whatever price drop/negotiations it takes to sell this, plus closing costs, how much did owning this for 11 months before deciding to sell cost them?
Response by multicityresident
over 6 years ago
Posts: 2431
Member since: Jan 2009

Ouch.

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Response by nyc_sport
over 6 years ago
Posts: 809
Member since: Jan 2009

Given that the developer still has units for sale 4 years in, a loss is inevitable. There are rather negative reviews of the building construction and management that will make for a tough sale. Still, it appears the buyer owned a high frequency trading firm that he sold about the same time, so whatever he loses here will be less than he would have lost holding on to that business.

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Response by stache
over 6 years ago
Posts: 1298
Member since: Jun 2017

It's a fishbowl.

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Response by Rock28
over 6 years ago
Posts: 49
Member since: Apr 2011

@nyc sport: where are you reading/hearing the negative reviews on the building's construction? I searched the address and came across one Yelp review with some photos which were eye opening. Just curious if there is a more active forum and/or blog for these kinds of things.

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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

https://streeteasy.com/sale/1402003

Sold for 18.5mm as per reports. Bought for $12mm something in 2012.

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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

Sorry sold 13mm in 2012. Not the best building with step down entrance.

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Response by nyc_sport
over 6 years ago
Posts: 809
Member since: Jan 2009

@Rock 28 -- there are 39 reviews on Google, and a smattering of others elsewhere. Search Oosten

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