Closings have begun at 172 Madison, a new 33-story glass condo tower in East Midtown, a block from the Empire State Building. Initial sales data show that buyers have been able to wrangle discounts off asking prices, as the supply of new condo apartments grows in Manhattan. Yitzchak Tessler, president of the builder, Tessler Developments, said he expected the opening of the high-service building -- which boasts a doorman, concierge, pool, steam room, resident lounge and pet spa—to spur sales. All 11 closings listed on real-estate data site Streeteasy.com show sale prices at a discount to the latest asking prices, by an average of 9.2%. While some of these might reflect sales negotiated long ago, when asking prices were lower, others were recent deals. These include a three-bedroom, 26th floor apartment that went into contract last month and sold soon after for more than 11% below the listing price. More: A Sneak Peek at the New Robert A.M. Stern-Designed Four Seasons Penthouse in Tribeca Mr. Tessler said opening the building gave it a competitive edge, since there were few competing new condo apartments on the market in the area. "The ability to offer new-construction buyers a move-in-ready product is certainly something to get excited about," he said. The building has a glass facade with accents of vertical stone columns and ceilings of at least 11 feet and much higher in a series of penthouses, some of which include private pools. There are 72 units at 172 Madison and so far sale prices have averaged close to $2,200 per square foot, according to Streeteasy data.
Buyers have negotiated discounts averaging 9.2% on condos in the 33-story glass tower, 172 Madison , in East Midtown , according to initial sales data on 11 closings from Streeteasy.com . The tower has 172 units and sale prices so far are said to have averaged close to $2,200 per square foot. East Midtown suggests there is a growing supply of new condos in Manhattan . In January we noted that Q4 2016 median prices on Manhattan resale properties fell by the most in over January .