The year 2009 was a trying time to be a real estate broker, developer or investor, but it never lacked for news. In the aftermath of the financial crisis, the industry watched in awe — and sometimes horror — as residential sales ground to a virtual halt, condo projects stopped in their tracks, office rents shrank and retail stores disappeared. Buyers at buildings like 22 Renwick sued to get out of their contracts, and some were granted the opportunity to back out of their contracts. Meanwhile, an amazing cast of characters — from Kent Swig to Harry Macklowe to Lev Leviev — publicly fought for survival. There were also glimmers of hope, from the opening of the High Line in June to the expansion of Halstead Property into Connecticut to the sale of Former Lehman Brothers CEO Dick Fuld’s sale 16-room co-op apartment at 640 Park Avenue for $25.87 million, almost $5 million more than he bought it for two years ago. Click here to see The Real Deal staff’s picks for the stories that most altered the New York City real estate landscape in 2009. [more]

Nikki Field of Sotheby’s International Realty at a listing for $7.5 million at 455 Central Park West

From the November issue: In the fall of 2008, real estate broker Michael Garr was approached by a former client who had bought a large apartment in a tony building the previous spring. The client, who worked in finance, needed to downsize to a less expensive place after the Lehman fallout. But there was a catch: Garr had to keep the plan a secret, because the client hadn’t yet told his wife he was facing financial difficulty. “He didn’t want to upset her and the kids,” said Garr, the founder of Garr and Co., which was acquired this year by the residential brokerage Core. “He wasn’t going to consult her until he had some options.” High-end brokers have always prided themselves on being discreet. But like Garr, many are finding that secrecy has become more important than ever. “Whisper listings” — properties that are for sale, but not officially on the market — are becoming more common, as sellers seek to avoid the perception that they are unloading properties because of financial distress. Also known as “quiet listings,” they are often among the most expensive properties in the city.

Former Lehman Brothers CEO Dick Fuld, 640 Park Avenue

Former Lehman Brothers CEO Dick Fuld sold his 16-room cooperative apartment at 640 Park Avenue at 66th Street for $25.87 million, making a profit of almost $5 million since he bought it a little more than two years ago. Fuld and his wife Kathleen had asked for $32 million when it was first being quietly marketed, according to reports in May. They bought the unit in January 2007 for $21 million, property records show. The buyer was identified as Glenn Fuhrman, who is a co-managing partner and co-founder of Manhattan-based investment fund MSD Capital. The sale closed August 14, according to property records posted today. Kathryn Steinberg, senior vice president and managing director at Brown Harris Stevens, represented the Fulds.

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Dick Fuld and 640 Park Avenue

Former Lehman Brothers CEO Dick Fuld and his wife Kathleen’s
6,200-square-foot, $21 million co-op apartment at 640 Park
Avenue may soon come on the market. While the couple has not yet
publicly listed the 16-room apartment, complete with five fireplaces
and two rooms for servants, Kathryn Steinberg, an agent in the Edward Lee
Cave division at Brown Harris Stevens, is reported to be quietly
marketing the apartment for $32 million — roughly $11 million more
than the couple paid for the unit less than two years ago. None of the
couple’s other residences in Connecticut, Florida, Vermont and Idaho
have reportedly been put on the market. [more]