Prudential Douglas Elliman executive vice president Rob Gross, who has been working on 14 West 14th Street for two years.

From the April issue: You can file the bizarre sales situation at 14 West 14th Street under “thanks to the economy. “Rather than sell all their units at post-meltdown discounts, the sponsors of the building decided to sell just one-third of the units. Read: Roughly 20 of the 30 condos will remain in the developer’s hands and be rented out. Because most banks won’t finance buyers in a building where only 33 percent of the units are being sold, the developers, Albert and Robert Dweck, originally said they would sell only to all-cash buyers. Sales started in September. That strategy, not surprisingly, didn’t bear much fruit. No buyers plunked down cash for their apartments out of the gate. But then, after a couple of months, the team finally found a bank, NJ Lenders Corp., willing to finance buyers at the building. [more]

From the April issue: Positive signs in the market are attracting the attention of the many New Yorkers who wanted to sell their apartments, but took them off the market last year in the midst of the recession. With the market now showing signs of improvement, many of these homeowners are considering relisting their homes. “Sellers feel the market is stronger than it was last year,” said Kyle Blackmon, a vice president at Brown Harris Stevens. Their decisions could have far-reaching consequences for the Manhattan market in the coming months. Inventory has declined for the past few quarters (see “The inventory squeeze”), which has helped to create urgency in the market and prevent further price drops. But a large number of units reentering the market at once could reverse some of that progress. [more]

From left: Dottie Herman of Elliman, Frederick Peters of Warburg, and Matt Daimler of Buyfolio.com

While it’s true that most brokers can’t read minds, with a VOW they can come pretty close.

Real estate pros say that VOWs, also known as “Virtual Office Web sites,” can give agents a backstage pass to their clients’ predilections. VOWs allow buyers to view an agent’s listings — and those belonging to other brokerages — all on the same Web page.

But VOWs present serious invasion of privacy issues and as a result can be a real turn-off to homebuyers, critics say.

VOWs can track your buying behaviors. For example, if a buyer tells a broker that she has a budget of $1.2 million, but the broker sees the buyer checking out $1.5 million listings on the company’s VOW, the broker could potentially push the buyer to make a larger purchase than she had talked about. [more]

Click image for larger version

Commercial real estate services firm CB Richard Ellis announced today
the launch of its new iPhone application. While it appears to be the
first corporate iPhone application launched by a commercial real estate
firm, Cushman & Wakefield is currently in development of a
research-related iPhone app, according to a company spokesperson. “Creating a true iPhone application requires serious planning and development, which we are in the process of doing,” the spokesperson said. “Our application will be truly client-facing, and we look forward to its launch.” CBRE’s app, introduced today, allows users to search the company’s office space worldwide and access contact information for CBRE staff. The application had been in development since last summer, a CBRE spokesperson said. [more]

While his four-bedroom, 3,000-square-foot-plus Upper East Side co-op may have sat on the market for several months, former football star Tiki Barber still managed to name his price. The unit at 333 East 69th Street, which has been marketed by Bonnie and Lisa Chajet of Warburg Realty, closed for $3.495 million recently, according to the Observer, the full asking price first listed in October. The co-op was sold to David Fortunoff of Fortunoff luxury goods fame.

The Real Deal had a contingent of reporters and editors at the New York Hilton for the Real Estate Board of New York’s annual banquet and awards ceremony (click here to see an article on the event). The Real Deal’s Web editor Lauren Elkies interviewed a slew of real estate bigwigs from Bill Rudin of Rudin Management — who said Jonathan Mechanic of Fried, Frank (who The Real Deal also spoke to) is “the real deal” — to Bruce Mosler of Cushman & Wakefield — who said he loves The Real Deal, to Frederick Peters of Warburg Realty — who said “Virtual Office Web sites,” or VOWS, “will ultimately be insignificant.” [more]

From the May issue: Brokers famously sell the mantra of
location, location, location. But when it comes to their own offices,
that refrain may be changing. During the boom times, real estate
companies large and small rushed to open glittering storefront offices,
like Halstead Property’s mammoth 408 Columbus Avenue office across from
the Museum of Natural History, or the Tribeca office that Brown Harris
Stevens has on the ground floor of a 19th-century Romanesque Revival
building. The hope was to stake out their turf in prime neighborhoods
while attracting passersby. But New York’s housing slump has prompted
the rapid closing of some real estate offices, as firms seek to cut
costs, and the opening of others, as they seek to take advantage of
falling rents to gobble up new territory. And while closing an office
inevitably means ceding territory to competitors, with real estate
sales down nearly 50 percent from last year according to a quarterly
market report by Prudential Douglas Elliman, satellite offices are a
luxury many firms can no longer afford. [more]