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New Developments in the News

FEBRUARY 2, 2009




The Upper East Side has some big rooms to fill

The Upper East Side is seeing some price cuts at the top but it's still no bargain basement. Choice properties like the former Henry T. Sloane mansion at 18 West 68th Street has been reduced from about $64 million to $54 million and the price for a 15-room duplex apartment at 740 Park Avenue has been cut from about $35 million to $26 million. The $35 million to $26 million "chop" was reported elsewhere in the neighborhood as well.

The Prudential Douglas Elliman team—headed by industry boldfacer Dolly Lenz—has handed over the marketing of the Manhattan House condominium project at 200 East 66th Street to the Corcoran Sunshine Marketing Group. Units at the residence have reportedly been priced well above market value, which may have contributed to the fact that only a small number of the converted building's 583 apartments have been sold. Built in1950, the original building symbolized the era's "white-brick monstrosities" to some and a bit of International Style modernity to others. Other concerns from potential buyers: the pace of construction at the building and tighter financial rules at commercial banks when new condo sales are involved.

Also: Rents are down throughout Manhattan. Highest rents: Still Tribeca. Lowest: Still Harlem.