New York Post
Thursday, June 24, 2010
Four long years ago, Riverhouse was one of the new stares of Battery Park City. The 264-unit building promised spectacular views, a sleek interior design by David Rockwell and unmatched eco-friendliness.
But sales stalled. One unhappy lender filed a pre-foreclosure move on the building. One sponsor was removed as managing partner after being accused of misappropriating funds. And a condo owner filed a $1.5 million lawsuit last month, claiming the building wasn’t green enough.
It’s no surprise that the first order of business for Centurion Real Estate Partners, which took over the building in March, has been calming everyone down.
“We wanted to let (residents) know we were on good financial footing,” says John Tashjian, a managing partner at Centurion, “that there was a manager in place who would . . . sell the remaining units. There was a lot of concern there would be an auction - which would hurt everyone’s value - and the first thins (we told them) was that was not true.”
Next up was lowering prices.
"It really depends on the unit, but I'd say on average (we cut) 10 to 15 percent," says Tashjian. (Available apartments currently range from $1.2 million to 3.545 million.) Residents were "reasonably disappointed, but they recognize this is what we're going to have to do to sell," he adds.
A new marketing campaign was started from scratch.
"It's a green building, and that's a terrific asset," says Tashjian (in fact, Riverhouse got LEED gold certification this weekend). "But it's not a unique asset. What is unique is our design and location."
Being that it's right on the water, Riverhouse changed its logo from green to blue and focused on the large size (read: family friendliness) of the units. (oh, and did we mention Leonardo DiCaprio bought one of the penthouses?)
"When we took over, we had about 76 (unsold units)," says Tashjian. "We're now down to the mid-50s."
New York Post
Thursday, November 4, 2010
According to Streeteasy.com, rental opportunities abound in Battery Park City's Riverhouse. But these units aren't being offered by the developer.
"It's owners and investors who own units that rent," says John Tashjian, principal at Centurion Real Estate Partners, which took over ownership of Riverhouse in May. Of 264 units total, there are 37 left to sell, down from 76 in May: "We've seen the investor come back into the market in the last few months. They're taking advantage of price reductions."