The Real Deal New York

Real estate’s original social network — the sit-down closing — is dying

What's lost now that commercial sales are no longer finalized in person?

February 22, 2016 04:10PM
By Marynia Kruk

Andrew Singer, Scott Singer, Justin Elghanayan and Henry Elghanayan, at the 2013 REBNY Banquet

Andrew Singer, Scott Singer, Justin Elghanayan and Henry Elghanayan, at the 2013 REBNY Banquet

From the February issue: When Scott Singer of the Singer & Bassuk Organization decided to propose to his wife, his client Henry Elghanayan of Rockrose Development was one of the first to know. That’s because on the way home from a closing that ran until the wee hours of the morning, Singer, whose firm arranges debt and financing for commercial deals, told Elghanayan he was going to use his commission to buy the engagement ring. The couple wed in 1997.

Today that exchange would not have taken place — at least not under those circumstances. That’s because in New York’s commercial real estate world, sit-down closings have been largely replaced by closings conducted via email, conference call and courier service. [more]

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