Brooklyn Developer Gives Up

We expect to see more of this in 2009. A developer has given up and is selling a half finished apartment building. This one is a 33 unit building in Crown Heights. It is a handyman's special with an asking price is only $8.5 million. Brownstoner did the match and it works out to somewhere between $200 and $250 per foot. We agree with them that the asking price is way too high. We'll predict a selling price closer to $5.5 million.

The listing details: 7-story building for sale in construction process / 33 apartments & 17 parking spaces / 24 apts have balconies.

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