From the July issue: When Upper East Side socialite Shafi Roepers decided to relist her co-op at the exclusive 4 East 66th Street this spring, she called power broker Serena Boardman. The Sotheby’s International Realty agent came close to selling the floor-through apartment last year, but the deal fell apart at the 11th hour.
This time, however, there’s a catch.
While the property is being listed for the same $65 million, the commission for the buyer’s broker has been dropped to 1.5 percent from the typical 3 percent. The move — which comes despite the fact that it didn’t sell last time around — speaks to the fact that Manhattan agents, particularly those who work in the high-end luxury market, have been increasingly willing to accept less in today’s challenging market.
“Over $15 million, I haven’t seen 6 percent,” said Jed Garfield, president of the brokerage Leslie J. Garfield, referring to the full commission shared equally between agents for buyers and sellers. “The old 6 percent on a sale is absolutely a thing of the past.”