After barely a month on the market and with 20 of 24 units still available for sale, Brownstoner notes prices at The Prospect (825 Classon) have been reduced within the last day or so. Looking at the listings, it appears that 18 of the 20 remaining units have been reduced, each for approximately 5%. Two units in the building going for over a million have been dropped 100k, almost 10%. Several 1 bedroom units were dropped from $399,000 to $379,000.
When this building first came on line, Brownstoner wondered how those prices would do on the open market and it seems now that these units were, as a matter of fact, overpriced.
A clue as to why this might be is that, as Brownstoner observes, the building was being marketed as Prospect Heights property, even though it is in Crown Heights. As it turns out, the owners may have misjudged the value of the block and the ability to draw out the higher prices of neighboring Prospect Heights.
The question now will be how far the prices have to come down for these units to start moving. To be fair, though, several units have sold or are in contract, and so maybe they were not as overpriced as one might have thought.