The Real Deal New York

Are the boards of NYC’s top co-ops in panic mode?

Guardians of NYC's most exclusive buildings loosening rules to attract would-be condo buyers

March 04, 2016 08:36AM
By E.B. Solomont

From left: The Sherry-Netherland at 781 Fifth Avenue, River House at 435 East 52nd Street and 898 Park Avenue

From left: The Sherry-Netherland at 781 Fifth Avenue, River House at 435 East 52nd Street, and 898 Park Avenue

From the March issue: When a Chinese buyer scooped up a $70 million co-op at the Sherry-Netherland, the deal was a Herculean effort, and not just because the original asking price was $95 million. The March 2015 transaction marked the first time the co-op board of the iconic building on Fifth Avenue allowed a foreign buyer to join its ranks.

While New York City’s notoriously exclusive co-ops have been taking steps to increase their marketability for several years now — whether it be by adding gyms or renovating common spaces — in the last six to 12 months, they’ve ramped up their efforts in new ways. [more]

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