Daren Hornig

Daren Hornig, a former residential broker who made the leap five years ago to commercial development, joined Jericho-based real estate investment and development firm Metropolitan Realty Associates last month, Hornig told The Real Deal.

Hornig started March 26 at the firm’s 500 North Broadway office in Jericho as a senior vice president and principal and is charged with finding new real estate acquisitions for MRA. Hornig said he joined the firm for the opportunity to expand its New York City presence and work on bigger deals. MRA will soon open a Manhattan office, Hornig said, and will focus on transactions of at least $25 million, with a preference for investments of at least $100 million. [more]

The unit to see the biggest price cut today is a two-bedroom,
two-and-a-half-bath co-op at 50 Gramercy Park North, apartment 2B,
according to Streeteasy.com. The price of the apartment was cut by
$600,000 to $4.4 million. The home, which has a 637-square-foot
terrace and hotel services through the Gramercy Park Hotel, is listed
for 27 percent less than its asking price of $5.9 million when it first
hit the market in December 2008. The Corcoran Group’s Chris Kann and
Robert Browne have the listing. Over the weekend, a 5,400-square-foot penthouse at the Prime, a
building that has suffered significant price drops, saw a dramatic 38
percent price cut, according to its developer Daren Hornig. The price
of the three-bedroom, three-bath triplex at 333 West 14th Street
was
cut by $3.6 million to $5.9 million. TRD [more]

Mortgages remain elusive for house hunters in New York and as a result,
many buyers are working with more than one lender. Developers are also
lining up additional lenders to help buyers obtain financing. The developments come in response to the tough credit environment.
Banks have tightened the availability of home loans to buyers and at
the same time, many are reluctant to write mortgages for some new
buildings where only a small percentage of apartments have been sold. As attorneys for buyers are putting mortgage contingency clauses in
contracts, attorneys for sellers are directing buyers to apply for
financing at more than one bank or go to a mortgage broker, said Daniel
Berman, an executive vice president with Bellmarc Realty, who has seen
the scenario play out in a few recent deals.
[more]