Co-ops unbutton to compete with condos for younger crowd

Boards allow buying through trusts and LLCs, hire PR consultants

New York /
Aug.August 29, 2013 08:08 AM

New York’s notoriously stuffy co-ops are taking off their coats and ties, trying to snag those coveted younger buyers who are much more interested in condominium living. They’re doing everything from allowing the privacy-obsessed to put the name of a trust or limited liability company on the contract — a popular option that condos give — to speeding up the application process. A few have hired public relations consultants.

And the trend is touching every part of the city and co-ops in every price range, including the most storied and exclusive: River House, on the East River, and the twin 38-story towers at 860 and 870 United Nations Plaza.

“Co-ops have to look at what they are doing,” Donna Olshan, a luxury broker and principal at Olshan Realty, told the Wall Street Journal. “The young audience out there today doesn’t care about the snob factor. If they are spending a lot of money they don’t want a co-op board breathing down their back.”

In the past, for example, a prospective buyer who claimed to have $400 million in assets would have to provide proof of the wealth before getting into the more select co-op buildings, according to superbroker Dolly Lenz, who recently left Douglas Elliman to start her own firm, as The Real Deal reported.

Now, Lenz told the newspaper, the same buyer might have to only prove $50 million of those assets, Lenz told the newspaper. [WSJ]  – Hiten Samtani


Related Articles

arrow_forward_ios
15 East 90th Street and 325 West Broadway (Getty, CityRealty, Streeteasy)
Thanksgiving-week buyers gobble up 15 luxury Manhattan homes
Thanksgiving-week buyers gobble up 15 luxury Manhattan homes
Unit 124 at 217 West 57th Street and Gary Barnett (Extell Development, StreetEasy)
“124th floor” at Central Park Tower tops Manhattan luxury contracts
“124th floor” at Central Park Tower tops Manhattan luxury contracts
464 Greenwich Street, Mickey Drexler (Getty, Corcoran)
Quirky homes top Manhattan’s luxury contracts
Quirky homes top Manhattan’s luxury contracts
A photo illustration of Joseph Chetrit and 215 East 19th Street (Getty, Google Maps)
Chetrit-developed Gramercy condo leads Manhattan luxury contracts
Chetrit-developed Gramercy condo leads Manhattan luxury contracts
Elad Group's Isaac Tshuva and 250 West Street (Elad Group, Getty Images, Naftali Group, Getty)
Elad’s 250 West Street tops Manhattan luxury’s cool week
Elad’s 250 West Street tops Manhattan luxury’s cool week
3 East 95th Street and 267 West 11th Street (Google Maps, Getty)
Carhart Mansion unit in contract as Manhattan luxury market bounces back
Carhart Mansion unit in contract as Manhattan luxury market bounces back
Related Companies' Stephen Ross and 25 Columbus Circle (Streeteasy, Getty, Related)
Steve Ross’ penthouse tops Manhattan contracts despite big price cut
Steve Ross’ penthouse tops Manhattan contracts despite big price cut
Rupert Murdoch with 23 East 22nd Street
Rupert Murdoch’s One Madison unit leads Manhattan luxury contracts
Rupert Murdoch’s One Madison unit leads Manhattan luxury contracts
arrow_forward_ios

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

Loading...