This may be looked back on as the moment sellers came to grips with the market reality: Yesterday Toll Brothers whacked prices on 36 units at the Northside Piers, its luxury waterfront project in Williamsburg. While these are hardly the first en masse price reductions we've seen, they may be the first example of large-scale, high-percentage cuts at a top-tier development. Take Unit 11G, for example: The 1,244-square-foot three-bedroom just went from $1,208,990 to $894,990, a dollar reduction of $314,000! And Unit 9G: Was $1,160,990, now's $884,990. Prices on most of the other units were reduced only 10 percent or so, but still, this shows that Toll is getting serious about selling this stuff.
Development Watch: Northside Piers From Above [Brownstoner]
Putting the Pier in Northside Piers [Brownstoner] GMAP
Sales Begin at Northside Piers [Brownstoner]
Toll Brothers Making Less Money [Brownstoner]
The Edge Tops Out [Brownstoner]
Toll Brothers Gets Serious About Selling at Northside Piers
Copyright Brown - Brownstoner