Luxury Real Estate in New York - Prices reduced at One Brooklyn Bridge Park

One Brooklyn Bridge Park, a luxury waterfront condo complex in New York, has been reduced in price in an effort to start the sales ball rolling once again

One Brooklyn Bridge Park Unsold

I understand the developers have been reluctant to reduce prices because of the potential cost to early buyers. But, the market has spoken and the complex remains two-thirds unsold after nearly 18 months on the market. Prices have been reduced by between 3 and 9%, although prices in Brooklyn have fallen 11% this year, so it remains to be seen whether this level of decrease will make any difference.

Robert Levine, CEO of RAL C&A LLC, the developer said,

We have adjusted pricing on select units to be more consistent to our initial offering prices in February of 2007. This creates some great incentives and opportunities to prospective buyers.

But with prices across the USA returning to levels more in line with several years prior to 2007, with no end in sight currently, this may not be enough of an incentive. As the financial institutions begin a return to more rational lending practices, a logical consequence of this is a return to more rational housing prices. As of this week, around 300 of the 449 units in One Brooklyn Bridge Park remain unsold.

One Brooklyn Bridge Park