D.I.Y. Developer Michael Waldman Is Admittedly Cheap

"$1,200 is the average -- I'm selling for half!"

Michael Waldman might sound like a used-car salesman. He's not. He sells motorcycles. He's also a developer.

Last week, Mr. Waldman unveiled his new 30-unit luxury condo complex in East Harlem called The Bridges during a splashy gala featuring Cuban cuisine and Brazilian dancers.

In between mojitos, The Observer sat down with Mr. Waldman and talked about pricing. Or, at least, he did.

"I'm at $600 a foot," he said. Repeatedly.

"Not $3,000 a square foot like Mr. Trump’s building," he continued, referring to the new Trump SoHo condo-hotel. "I’m selling on the island, same quality, all the amenities for $600-650 a square foot. Just a four-minute walk to the 4, 5, 6 trains! Ten minutes to 42nd Street! And again, I'm at $600 a foot."

Why so cheap?

"I do all my own building -- I'm the developer and the general contractor. We don't do any sub work. I'm able to give a good price because I get in early on the land and I build cheaper than everybody else because I do it myself."

Next up for Mr. Waldman: Another cheap residential development in Riverdale. "I’m competing with all the periphery locations, maybe Williamsburg, maybe Long Island City. And again, I’m at $600 a square foot—not $700 or $750 a foot."