Morning Massacre: The Rhythm is Gonna Get You

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NBC 5 News

Our daily look at some of the most severe recent PriceChoppers in the run-up to Halloween (and in the wake of market madness) continues! Today, a trip up to East Harlem, the (dying?) dream of every developer.

Was: $8,917,295
Now: $6,381,374
You Save!: $2,535,921

This one's all about the body count: total annihilation. The East Harlem market, where small condo buildings are popping up before we can even question whether or not anyone wants to buy there, is now looking even more volatile. Need proof? Check out Blue Rhythm, a 15-unit condo project at 431 East 115th Street at First Avenue near Thomas Jefferson Park. Not many frills on these one- and two-bedroom units besides bamboo flooring and balconies for each apartment (the building also has a roof deck). It's near the coming Harlem megamall, but apparently the marketing appeal of a nearby Target has been overestimated. All 15 apartments have been slashed. Most dramatically, the five 2BR units have each been chopped $181,184, down to $619,000. The two other price points (both 1BRs) had lesser cuts, and their new asking prices are $374,000 and $358,000. Move along, folks. Nothing to see here.
· StreetEasy: Blue Rhythm at 431 East 115th Street [StreetEasy]
· Blue Rhythm Condominiums [Elliman]For more stories from Curbed, go to curbed.com.

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