Buyers’ brokers in demand

By Candace Taylor | November 03, 2009 06:38PM

From the November issue: In Manhattan, buyers’ brokers are a secretive bunch. When there’s a
high-profile sale, the listing agent’s name is splashed across the
headlines: Brown Harris Stevens’ Richard Wallgren, for example, closed
the sale of a $37 million penthouse at 15 Central Park West in
September; Paula Del Nunzio made news for her record-setting $53
million sale of the Harkness mansion in 2006. Less well-known are the
brokers who represented the buyers. The identities of buyers’ brokers
are a jealously guarded secret, never listed in public records and
often never revealed. That’s the way many brokers — who pride
themselves on their discretion — like it, especially in a market where
lavish spending is viewed with disfavor. Ironically, brokers who
represent buyers are taking on a greater significance than ever, even
as they’re being asked to keep increasingly quiet about their role.
Well-qualified buyers are now scarce, and bringing them to the table is
crucial to the transaction. Recognizing this, high-end brokers are
spending more of their time representing buyers.