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March 15, 2012

Bellevue Towers

Twenty-six condos at Bellevue Towers sold in the first two months of the year. The project team says this puts Bellevue Towers on track to meet its sales record of 2011, when 144 units sold for a total of more than $88.9 million. In early 2011, a group of senior lenders represented by Morgan Stanley consolidated ownership of the project that had previously cut prices. Prices were cut another 30 percent. Prices on a limited number of units recently have been reduced by as much as 40 percent from original pricing. Prices now range from the $300,000s for studios to the $600,000s for two-bedrooms. Penthouses start at $2 million. Of the total 539 condos, sales have closed on 269, and 22 sales are pending.




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