Desperation Sets In as Developer Trys to Unload a Dog

The Penthouse at the old McBurney Y building is still on the market and has been price-chopped again! (The penthouse used to house the YMCA gymnasium which was home to one of New York’s longest running fencing programs, among other things.  You’ll recall that the private rooftop deck was where the Y used to hold “Membership Appreciation/Dallas Night.”) As you may also recall, the penthouse was put on the market in December for 7.4 million.  When we checked in on Feb. 15 the price had been slashed to 7.2 million.  And here we are again, just a couple of weeks later, and the developer has come down even further to $6,995,000.  How low does he plan to go?  Maybe he can rent it out to NYU as a dorm room.   

Despite recent reports to the contrary, items such as this serve to demonstrate that the housing market is still soft.  The apartments in all those new 6^th Ave. towers are obviously being warehoused.

By the way, prospective buyers, there is still no doorman in the Y building. And the unsightly Jag ad is still on the side of the building.  Hold out for a better deal. – Ed Hamilton