Who gave Gramercy Starck the wake up call?

with 31 units listed and 12 for rent, owners will need a dose of reality or luck.

It's going to go even lower--the buidling itself is awesome, but the location is TERRIBLE. It's always filthy in front of the Stark building and the addicts from the methadone clinic are in and out of the McDonalds there. The apartment itself is OK, the kitchen is tiny and leaves a lot to be desired in terms of finishes, and the living room is small as well. There is so much inventory in this building, they are beyond desperate--go see any unit for yourself and you'll see how much the elliman guys there reek of desperation. The thing is the developers have already made their money....it's Tempo who is screwed.

Honestly, who designs a place with 9-1/2 foot wide bedrooms and expects to sell it for $1.3MM 1 block from Bellevue? Even at the top of the market that seems a stretch.

i had a look at this place. both a penthouse and a rental in the building. the building actually looks nice on the inside. location is poor. I think location and the tempo knocks their sales.

I looked at 2 beds. the second bed had a walk in closet that took up most of the room. the master be could not fit a queen side bed. there were cracks in the floor in multiple places. some of the taps were loose and flimsy looking. the shower door did not close looked like it was put on scew. wonderful construction. kitchen was ok. appliances were brand names but the bottom of the range.

I have seen some of the rentals go and the purchase prices will have to come down significantly for them to match the low rentals. i have not seen the but I would assume tempo and GS are screwed.

Checked this place out in the summer of '07. Was at the sale office and they had some snazzy presentation. Was going to purchase until I saw the floor plans. They talk about the great designs from Starck and really push the bathrooms. The bathrooms were not my taste but some would really enjoy. And they are large, so large that the other rooms were inadequate in width. If Starck designed the floor plans in addition to the bathrooms it is pretty sad. To pay that kind of money for those thin and long rooms should not be done. I walked away. And the area leaves plenty to be desired. I was told long ago not to live in an apartment that had rooms that was less than 10 1/2 foot wide or would feel very closed in.

At $1,781 per ft² for a 1 bdrm, I think the price has to drop at least 50%, not to mention the location....

http://www.streeteasy.com/nyc/sale/318307-condo-340-east-23rd-street-gramercy-park-new-york

I think Tempo down the block is going to be in for a lot of problems too.

"Some towers have pushed the boundaries of what once had been thought a good location for luxury housing, rising up next to a cluster of hospitals including Bellevue and a methadone clinic. One such building, Gramercy Starck, has sold most of its 207 apartments and recently discounted roughly a dozen remaining ones, including the penthouse for 21 percent off. The nearby Tempo, on the other hand, made the odd choice of raising prices." - http://ny.therealdeal.com/articles/span-style-font-size-24px-manhattan-on-clearance-comparing-price-cuts-by-neighborhood-span

I actually passed by there this morning and totally agree - location stinks. Gramercy is a total misnomer. I noticed Tempo for the first time and was wondering why on earth you would build a second overpriced development in the same crappy 'hood given what happened to McStarck.

Its hard to believe that the Starck building sold so well - I guess it was during the peak, I swung by to look at the place a year ago and was amazed how expensive it was. There's a McDonalds and CVS on the ground floor. 23rd St. is full of busses including those from other boroughs. Not a nice place to take a stroll - unlike nearby Stuy Twn/Ptr Cooper, which has been making its own headlines today.