Todays Full Story below is less of a story and more of a listing. 79-89 Avenue D was originally listed by Eastern Consolidated back in May, with a very ambitious asking price of $22.5M. We picked up on this and applied our Cubed Advisory back-of-the-napkin-estimate system to the listing
. By our quick numbers, the site would not be able to support an asking price of anything over $20M at the very high end.
Eastern Consolidated seems to have got the message from the market (since they didn't ask us!) and dropped the price a full 17% to $18.5M.
This is obviously a far more workable ask. The next few months will determine just how workable it is. The Arabella 101 at 101 Avenue D just started leasing
- that means instant and very relatable comps that will surely be the basis of the model for 79-89 Avenue D.
Labels: affordable housing, development, East Village, Eastern Consolidated, multifamily