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New York

Developers staking out new selling strategies

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From the December issue: Andrew Barrocas, the CEO of the Real Estate Group New York, recently brokered nothing short of a real estate miracle. In the midst of the credit crunch, his client purchased a new condo Downtown with no money down. To make it happen, Barrocas persuaded the building’s developer to let his client forego a deposit, instead using the 10 percent deposit — which came to $115,000 — from another buyer who’d broken his contract. The developer also provided 30 percent financing to the new buyer and knocked $150,000 off the purchase price. To complete the deal, the new buyer received 60 percent financing from a bank.