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June 14, 2010
Toren sales figures illustrate yet another example of KPMG's lies about condo sales (bonus: joke about LeBron James moving in cited as rumor)
Atlantic Yards Report
Speaking of fanciful price predictions...
KPMG's Atlantic Yards market study, conducted on request of the Empire State Development Corporation (ESDC) and dated August 31, is supposed to back up the assertion that Atlantic Yards might be completed in the announced ten years, rather than, as then-ESDC CEO Marisa Lago said in April, "decades."
But it doesn't.
I've written before about KPMG's lies about sales figures at Richard Meier's On Prospect Park and the Oro condos. (The Empire State Development Corporation calls the latter lie "trivial" as a legal matter.)
Now let's take a look at the figures regarding the Toren condos. KPMG reported (see graphic above) that it had been 98% pre-leased/sold.
However, the New York Times reports today, in a "Square Feet" interview with developer Donald A. Capoccia, that the 240-unit building is 55% sold:
We launched this project in May 2008 and probably sold about a third of the building up to September. Then we had a hiatus. The building was completed in March 2010, and we’ve basically gotten up to a point where we’re now just about 55 percent sold, and we’re moving pretty quickly toward 60 percent. We’ve done 20 contracts in the last 12 days, and that’s just gangbusters!
We’re hoping — with our fingers crossed — that we could be at 180 units sold by the end of this year, which is just about what we need to get square with the bank, in terms of the repayment of the construction financing.
Click through for the LeBron James rumor/joke. The punchline? The joke's on us.
Posted by eric at June 14, 2010 9:12 AM