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Breaking up is hard to do: Compass and Tessler split at 172 Madison

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Breaking up is hard to do: Compass and Tessler split at 172 Madison
Brokerage said it resigned “at the request of our team”
New York /
From left: 172 Madison Avenue Yitzchak Tessler, Ori Alon and Robert Reffkin
Compass and Yitzchak Tessler severed ties at the developer’s $300 million condominium development in Midtown. The breakup comes roughly a year after the brokerage came on to breathe new life into the project.
Compass’ new development team walked away from the assignment at Tessler Development’s 33-story, 72-unit tower at 172 Madison Avenue, a Compass spokesperson told The Real Deal.
“At Compass, we put our people first. At the request of our team, we made the unusual decision to resign the project,” said a company spokesperson, who declined to comment further.
Tessler and his representatives did not respond to requests for comment, but sources told TRD the fission was a result of the developer’s expectations for pricing on the project and what the Compass brokers believed the market would deliver.
“I think there was a difference of opinion on the marketing,” said one source who is not involved in the project. “Compass probably wanted to reduce pricing to increase the velocity of sales, and Tessler said he’s not going to do it.”
This is not the first shakeup at the project.
A Compass team headed by Billy Goldstein, a managing director o[……]

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Buckle up, brokers: This could be the worst spring for home sales in years

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Buckle up, brokers: This could be the worst spring for home sales in years
Rising prices and interest rates, along with the new tax law, could slow demand
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Springtime for home sales across the U.S. could end up being a pretty depressing season.
Increasing mortgage rates, a new tax law reducing homeownership incentives and exhaustion from first-time homebuyers getting priced out of the market could all contribute to extremely low demand for houses this spring, according to the Wall Street Journal. The volatility of the stock market is also contributing to weakness at the high end of the housing market, while rising interest rates are a major factor on the low end.
This could lead to a slowdown in the constant price increases that the housing market has seen in recent years, but while this may increase interest from buyers, it could make things more difficult for sellers in pricier markets.
Last year, about 2 million homes were sold between March and June, and the National Association of Realtors expects this spring’s sales to be flat. Fannie Mae data from February showed that consumer confidence had dropped in the housing market, and in January, NAR data showed that home sales saw their sharpest drop in three years.
“People are being a little more cautious than they were before,” Chicago broker Bruce Glazer told the Journal. “Buyers h[……]

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