Has the Elan, a 32-unit condo on 1st Street between 4th and 5th avenues, been the victim of bad timing, unrealistic expectations, or both? When we last took a look at the development in March, a round of price cuts had just been implemented, and five of the units were in contract. Three months later, although StreetEasy now shows no in-contract units, one of the condo's brokers says that seven units are, in fact, in contract—though not all of those are sure-fire closings, since the TCO took longer to materialize than the offering plan stipulated. However, the TCO finally did come through a couple weeks ago, and the first closing is scheduled to happen this weekend. Prices for units at the building range from $949,000 for a 3-bedroom to $599,000 for a 1-bed.
Price Cuts at The Elan [Brownstoner]
255 1st Street [StreetEasy] GMAP
