Chopping millions off prices

New York /
Mar.March 19, 2009 04:45 PM
 Left to right: Tamir Shemesh, Jed Garfield, Paula Del Nunzio


From the March issue:
For the last few years, price seemed almost an afterthought in New York’s real estate market, as penthouses and brownstones speedily sold for record-high figures. But since the collapse of Lehman Brothers and the ensuing stock market crash, price cuts have emerged as the single most important factor in home sales. As Halstead Property executive vice president Brian Lewis put it, “properties that are not really keenly priced are utterly ignored by the buyers.” But with so few sales having closed since September and the stock market wildly fluctuating, finding the right price is a tall task. “It’s just a moving target,” said Kathy Braddock, the co-founder of Charles Rutenberg Realty. “Nobody has ever seen a market like this.” Nonetheless, a number of New York’s top brokers are beginning to crack the code, shepherding deals into contract despite the uncertain market conditions. To do this, they’re fearlessly hacking millions of dollars off listing prices, soothing sellers’ frayed nerves, and choosing buyers carefully to ensure deals actually make it to the closing table. This month, The Real Deal talked to some of the city’s fiercest “closer brokers” to find out how they do it.

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
2544 Valentine Avenue in the Bronx (Photo via Black Bear Capital Partners)

Bronx rent-stabilized multifamily portfolio nabs $186M loan

Bronx rent-stabilized multifamily portfolio nabs $186M loan
CBRE CEO Robert Sulentic (iStock)

CBRE lowers SPAC IPO valuation target to $350M

CBRE lowers SPAC IPO valuation target to $350M
111 Waverly Place and 781 Fifth Avenue (Photos via MAD Nyc; StreetEasy)

Manhattan luxury deals surpass 10-year average over Thanksgiving week

Manhattan luxury deals surpass 10-year average over Thanksgiving week
Denizen Bushwick at 123 Melrose Street in Brooklyn (Google Maps; iStock)

All Year misses Israeli bond payment, sending values plunging

All Year misses Israeli bond payment, sending values plunging
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)

$78.6M sub-performing loan on Union Crossing up for sale

$78.6M sub-performing loan on Union Crossing up for sale
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...