set speed aka onehansonplace.com

2/01/2007

Greene Scene condo on the market at 242 Adelphi St

Back in April 2005, the condos at 242 Adelphi aka Greene Scene Condos, were on the market. A garden level duplex with over 2,000 square feet was asking $1.175MM.

Two months short of two years later, that unit is now on Corcoran, for $1.25MM. If you consider the approximately 5% closing costs on new construction, the owner of this unit is barely making out any profit from this sale. Could this be a distress sale? The two year point marks the tax-free gains period, but this owner is hardly making any money if they purchased for $1.175MM.

The pictures show an empty apartment. Could this unit still be from the initial offering? Perhaps it never sold and the sponsor has been carrying it all this time??

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