Developers are slashing prices and
432 Park is no exception At TRD forum, panelists riffed on condo concessions, StreetEasy and why people think brokers are like used car salesmen
Dolly Lenz, Ryan Serhant, Leonard Steinberg, Brenda Powers and Richard Steinberg. (Credit: Kerry Barger for The Real Deal)
With an abundance of high-priced condos on the market, developers who rolled out promotions and sweeteners to entice buyers are now turning to cold, hard discounts. And 432 Park Avenue is no different.
“Anyone that tells you they’re not making concessions, I think, is not being fully transparent,” said Douglas Elliman’s Richard Steinberg, who’s part of the marketing team for Macklowe Properties and CIM Group’s luxury tower. “We are negotiating.”
Speaking Monday at The Real Deal’s annual New York new development showcase and forum, Steinberg said the developer isn’t “giving the units away.” But with 80 percent of 432 Park sold and the debt paid off, the tower’s remaining inventory — some $600 million in potential deals — 新爱上海同城对对碰论坛