Frederic Schwartz Architects

Back in October of 2007, only 19 units remained available at Full Spectrum's LEED Silver-hopeful Kalahari condominium development at 40 West 116th Street between Lenox and Fifth Avenues in Harlem. Only 7 units have moved since, and earlier this week prices were cut on the remaining 12. The asking price on a 1386-square-foot 3-bedroom, 2-bath unit is down 6 percent to $815,000, and a 1732-square-foot 4-bedroom, 3-bath apartment has been cut by 19.5 percent to $1.14 million. It's anecdotal, of course, and certainly a function of market realities here in 2009, but the price cuts are interesting to note in light of the constant barrage of positive studies and other reports extolling the inherent premium value of LEED-certified buildings and other green properties. (Note, however, that the Kalahari has yet to be formally certified by USGBC).