Rent drops 2600 to 1800 in 2 months -

http://www.streeteasy.com/nyc/rental/410437-coop-3-hanover-square-financial-district-new-york

That’s what happens when an apartment is overpriced from the beginning

elena
(broker)

And that's what brokers say when they don't want to admit prices are falling...

The apt. was overpriced to begin with. No studio should be priced more than $2,500 a month, ESPECIALLY in FiDi.

Prices have fallen, are falling and will continue to fall. How long and far- that is the million dollar question.

Yeah, big deal. When something's that overpriced, who cares about a "big" price drop? Who even notices a FiDi studio at $2600?

Landlords who refuse to lower rent are now paying broker's fees and/or giving one month free rent.

> That’s what happens when an apartment is overpriced from the beginning

I guess thats the new broker rationalization for price cuts.
Every decline was only on something too high to begin with...

Jeez, the nerve of these people.

Guess what, the ENTIRE MARKET was overpriced from the beginning.

TamWatching - you must be new to Streeteasy.
You can link to the other apts for rent in this building and see their price history.
The others started at 1800 per month.

pretty much every 20 pine rental has a major cut. You couldn't touch studios for under $3k, now there are a bunch at $2500 or less.

I was at Pine last week and they had one for $2050 -