At the Park Loggia, named for the covered outdoor spaces that are its signature architectural flourish, 80% of the 172 condos are one- and two-bedrooms. One-bedrooms start at $1.64 million for a 782-square-foot apartment on the third floor with an additional 296 square feet of outdoor space, according to offering plans filed with the state attorney general’s office. Two-bedrooms start at $2.785 million.
The priciest unit is a four-bedroom penthouse with 2,391 square feet inside and 500 square feet of outdoor space, offered at $10.995 million.
AvalonBay waited until now, close to the building’s September completion date, to begin selling units, on the theory that buyers in a slowing market won’t commit to big deals unless they can view a finished product, Piazzola said. The company doesn’t expect to see proceeds from sales until the third or fourth quarter, executives said on a conference call in February.
“It’s not like nothing is selling,” Piazzola said. “If you’re delivering a product that people want at the right price point, it will move.”
This article was provided by Bloomberg News.