The Real Deal New York

Quietly sealing deals with fewer parties

May 07, 2009 08:46AM
By Adam Pincus

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From the May issue:
Commercial sales brokers are often viewed as brash big mouths who
broadcast a property’s availability. But in the current recession,
where a slip of the tongue can put a loan into technical default, that
sort of reputation is no longer an asset. What banks and distressed property
sellers want now is discretion, and some experts believe more direct
sales with a minimum number of parties are taking a larger piece of the
thinning note and property sales market. “We are certainly seeing many
situations where we don’t deal with a broker,” said developer Matthew
Blesso, president of Blesso Properties.

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