From left: Marc Lewis, Paul Bologna (top), Jorden Tepper and 228 East 45th Street (building photo credit: PropertyShark)

The management of brokerage Century 21 NY Metro is looking for new investors in a bid to save the company, industry sources said. The residential and commercial real estate company has been having cash flow problems and recently failed to make payroll, according to several agents who said they are owed commissions. With rumors flying that the company is on the verge of shutting its doors, a large number of agents have left the firm. Agents were told several weeks ago that the owners were exploring a partnership with the long-established real estate management firms Mautner-Glick Corp. and Wallack Management to inject new capital into the company. [more]

From left: Marc Lewis, Marc Windheuser and Jorden Tepper

Former Prudential Douglas Elliman associate broker Marc Windheuser has been tapped to manage sales at Century 21 NY Metro, the firm anno [more]

The days of dropping by a Sunday open house on a whim may be numbered. Sellers, frustrated by lowball offers and by buyers who are “just looking,” want to make sure they’re dealing with serious apartment-hunters. As a result, more and more potential buyers are being asked to provide detailed financial information — from their employer and salary to their debt ratio and savings — before they’re even allowed a peep at an apartment for sale.

“The listing brokers are scrutinizing the potential buyer before they even get to the building,” said Michael Signet, executive director of sales at Bond New York. “It’s a preventative measure [to keep sellers] from wasting their time with people who are just shopping around.”
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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.
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