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Sales at Forest City-Greenland’s 550 Vanderbilt slow down

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Sales at Forest City-Greenland s 550 Vanderbilt slow down
Cleveland-based REIT had a turbulent 2016
New York /
Sales at Forest City Ratner and Greenland Group’s Prospect Heights condominium development 550 Vanderbilt have slowed considerably in recent months, which developers attributed to a weakening condo market.
The joint-venture partners have sold 167 units as of late January, Forest City executives said during an earnings call Monday morning meaning they sold 27 units in the seven months between June and January. They had sold 140 units during the first 12 months of sales, between June 2015 and June 2016.
“Pricing is within our our pro-forma range, although the pace is modestly slower than initially anticipated,” said Robert O’Brien, CFO of Forest City Realty Trust, the parent company of Forest City Ratner . According to O Brien, 110 apartments in the 278-unit building remain available.
Despite Forest City s assessment, appraiser Jonathan Miller of Miller Samuel told The Real Deal that the Brooklyn condo market doesn t seem to be slowing down. In fact I ve had a number of people tell me that because of all the emphasis on rentals there is a shortage of condos. Slowing sales at 550 Vanderbilt could boil down to high asking prices, he speculated.
StreetEasy data shows that sales have remained brisk in recent months at competing condos the Oost[……]

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Broadway producers list UES manse for $44M

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Broadway producers list UES manse for $44M
11 East 82nd Street last sold for $24.5M in 2009
New York /

UPDATED, Nov. 16, 6:20 p.m.: Broadway producers Janet and Howard Kagan have listed their Upper East Side townhouse for $44 million.
Built in 1895, the 25-foot mansion at 11 East 82nd Street spans 12,729 square feet and is asking $3,456 per foot.
11 East 82nd Street
The Kagans, who head Maxolev Productions, produced Tuck Everlasting and Pippin, which won a Tony Award in 2013. They bought the house for $24.5 million in 2009 from investor Keith Gollust. The couple also owned a penthouse at 975 Park Avenue, which they sold for $20.3 million in 2014.
Years before the Kagans bought 11 East 82nd, a company affiliated with financier Ron Perelman paid $10 million for the property. Two years later, the entity sold it to entertainment executive Scott Sassa for $8.9 million. Sassa then sold the mansion Gollust, who is chairman of Synta Pharmaceuticals, though it s unclear how much he paid.
11 East 82nd Street
The limestone-and-brick house, located just off Fifth Avenue, was recently renovated and features a wine cellar and gym. It also has five working fireplaces and outdoor terraces. The Corcoran Group s Elizabeth Sahlman has the listing.
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Brooklyn’s toniest neighborhoods posted big declines in home prices in Q1

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Brooklyn s toniest neighborhoods posted big declines in home prices in Q1
A weekly feature brining you the industry’s latest intel
New York /
Homes in Bay Ridge, Brooklyn (Credit: Wikimedia Commons)
Residential
Sales | Ideal Properties
The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $1.02 million in the first quarter. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $1.446 million, which amounts to a 7.1 percent drop compared to the same time last year. Read the report here.
Sales | CORE
The average asking price to closing price discount in Manhattan’s luxury and new development market stood at ten percent during the first quarter. The figure represents the highest in two years. In spite of the bargains, the pace of closings was sluggish. For the quarter, the Manhattan market averaged 181 closings per week, down from the 235 closings during the same time last year.
Sales | Platinum Properties
The number of homes sold in the Financial District dropped 52 percent year-on-year in the first quarter to just 50 units. The decline was attributed to uncertainty surrounding the new tax law[……]

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Compass reels in Southampton broker Matthew Breitenbach from Elliman

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Compass reels in Southampton broker Matthew Breitenbach from Elliman
He joined Elliman in 2015 after working with mom, Corcoran’s Susan Breitenbach
New York /
719 Ocean Road and Matt Breitenbach (Credit: Corcoran and Getty Images)
It s still January, but Compass is fishing in the Hamptons again.
The Union Square-based firm said Monday it hired Douglas Elliman s Matthew Breitenbach — a top East End agent and son of the Corcoran Group s Susan Breitenbach — to join its Southampton office.
The son of two real estate professionals, Breitenbach started in the business at the Corcoran Group, where he spent eight years working with his mother, the No. 2 agent in the Hamptons, according to The Real Deal s July 2017 ranking of residential brokers. His father, Stephen, is a luxury homebuilder and owner of Breitenbach Builders. Matthew Breitenbach joined Elliman in 2015.
According to Compass, Breitenbach has sold more than $1.5 billion in real estate — a good chunk while working with his mother. His celebrity clients include the NBA s Jason Kidd and Kyrie Irving, as well as the actor Jeremy Piven and music mogul Russell Simmons.
Breitenbach said he d been doing well at Elliman, but shares Compass hunger and desire to grow and build in the Hamptons.
I really want to attack the luxury market even harder than I have been, he said, adding that Compass market[……]

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