The Real Deal New York

From the April issue: Bernard Madoff was hauled off to jail last month and may never again see his $7 million Upper East Side penthouse. But the impact of his $65 billion Ponzi scheme on Manhattan real estate will be felt for years to come, as his victims look for ways to sell their spacious lofts and stately townhouses amid the worst housing slump in decades. They, along with other sellers, will need to seek creative methods of unloading their properties. Strategies that served brokers well during the boom are now all but useless. In the wake of the Sept. 15 Lehman Brothers collapse, mortgages are scarce, jobs are disappearing and buyers are spooked. Sellers and brokers have gone back to the drawing board to try every technique to see what sticks. This month, The Real Deal looked at some of those 11th-hour strategies.