If you think Joe Korff has had trouble unloading the condos he developed at the Solaria in the Riverdale section of the Bronx, check out the Wall Street Journal’s piece today on Villanova Heights and the unsold multi-million properties there.
The 15 estates being developed on a 16-acre parcel were designed by Robert A. M. Stern. According to the Journal:
The homes cover 11,000 square feet of space, and have libraries, swimming pools and elevators.
But after nearly two years on the market, not one home has found a buyer, even after asking prices were slashed.
The price of the most expensive model was cut to $7 million from $12 million.
Even so, the Villanova homes remain the most expensive in Riverdale. And that’s keeping buyers at bay.
What especially intrigues me is the amount of money that the developer must have planned to amass given the staggering discount.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022