1440 Broadway has recently been sold for under $5.5 million. Just a few years back, this property was transacted for $18 million, and less than seven years ago its value peaked at $43 million. This steady decline in sale prices highlights significant challenges in the local real estate market.
Wow, those numbers really make your head spin! What do you think caused such a steep downturn? Could it be shifting local dynamics or something else entirely? I’m really curious about what everyone’s take on this might be.
i think its a mix of bad city polcy and market jitters - perhaps devs are cautious bc funds are tied up. not completly sure though, regarless it seems the area got hit by a trust crisis