Down from $500k to $350k since March.

http://www.streeteasy.com/nyc/sale/196882-coop-2-grace-court-brooklyn-heights-brooklyn

Might have something to do with 80% down payment required.

You mean 20% down, I guess. That coop requires a 20% down payment. Not so unusual, is it? A bit, I suppose.

I remember inquiring about the apt weeks ago and was told I had to go see it really early because the board didn't allow showings after like 7pm or something. Not an open house mind you, just a SHOWING. With a board that funny no wonder it's a hard sell nowadays.

Crappy layout, nowhere to eat. No intrinsic value.

The drop in the ask price interests me because maybe pre-war price drops are different at this point from new condo price drops.

Certainly the size of this one, 30%, is bigger than what I've noticed on new condos in Bklyn. But I should admit that I don't like new construction and pay less attn to it than to pre war.

But to take this a step further, it seems to me that a sturdy old prewar in Bklyn Heights is going to appeal more to someone who already lives in Bklyn, versus the appeal of new construction on 4th Ave or Williamsburg, which relies on its ability to lure Manhattanites to Bklyn.

So in brooklyn, new construction is tied to manahattan prices in a way that prewar isn't. Hence the smaller price drops.

Does this sound right? I only have this one example to go on, not lots of trades that would illuminate pricing.