BrokerageIndustry News

NYC real estate recovering, say brokers

Some deals are all about 'winning'
Published on Jan 17, 2011

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by CareyBot

NEW YORK -- In a city where a foreclosed home sells for $45 million, the housing downturn here is all relative.

The former owner of that luxury apartment, said Dottie Herman, CEO of Prudential Douglas Elliman, had put it on the market for $15 million. An international buyer came forward with a down payment, but the deal fell apart and the apartment ended up in foreclosure.

Elliman's company ended up with the listing, put it up for sale in an auction at the bank's direction, and a bidding battle between three prospective buyers skyrocketed the selling price.