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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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Premier Agent prices skyrocket, but brokers pay up

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Premier Agent prices skyrocket, but brokers pay up
On the UWS, cost per lead rose to $197 from $72 over nine months
New York /
(Illustration by Lexi Pilgrim for The Real Deal)
The city’s residential brokers slammed Premier Agent when it debuted in March.  But now, they’re fighting each other for a seat at the table.
Thanks to auction-based pricing, the cost to participate in StreetEasy’s agent advertising program — where agents purchase buyer leads in specific ZIP codes — has shot up over the past few months.
On the Upper West Side, for example, the price per lead skyrocketed 183 percent to $196.88 in October, compared to just $72.07 in May, according to data obtained by The Real Deal. On the Upper East Side, the cost per lead climbed to $166.84 from $107.08 over the same time period.
StreetEasy’s parent company, Zillow Group, acknowledged the price jumps last week, when it reported revenue from Premier Agent rose to $197.1 million during the third quarter, up 24 percent year over year — in part because of New York agents’ participation.
“We were dramatically undermonetized in New York relative to the size of our leads, the size of our audience,” CEO Spencer Rascoff said during an earnings call on Nov. 7. “So there was a bit of a gold rush in New York where agents and teams were buying impressions at a very low price and leads at a very low pri[……]

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Take 3: Ben Shaoul launches sales at rebranded LES condo

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Take 3: Ben Shaoul launches sales at rebranded LES condo
Now dubbed Liberty Toye, units start at $675K
New York /
Renderings of Liberty Toye and Ben Shaoul
Developer Ben Shaoul has a new name for the East Village nursing home turned raucous rental building that’s now on its third life as a punk-inspired condominium.
Shaoul’s Magnum Real Estate Group is calling the project Liberty Toye, and the firm put 14 units on the market today with brokerage Town Residential. Availabilities include a mix of studios, and one- and two-bedroom units with a blended average price of $1,600 per square foot.
The building, located at 62 Avenue B, has garnered its share of headlines over the past few years. Magnum bought the property for $25.5 million from Cabrini Center for Nursing and Rehabilitation in 2011 and converted it to rentals in 2013.
But residents of the building — then called Bloom 62 — partied a little too hard on the rooftop, leaving beer bottles, graffiti and broken furniture after a particularly rowdy night. Magnum shut the rooftop indefinitely to stop the “excessive” partying it said had “left the amenity space looted.”
Rendering of the garden at Liberty Toye
In early 2015, Shaoul looked to sell the property for $80 million, but ultimately decided to convert it to condos.
The latest iteration of the building includes 81 condos with stained hardwo[……]

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Building Congress president just paid $2.2M for this Bay Ridge home

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Building Congress president just paid $2.2M for this Bay Ridge home
Carlo Scissura’s new three-story Colonial has eight bedrooms
New York /
Carlo Scissura and 242 82nd Street in Bay Ridge
New York Building Congress president Carlo Scissura is trading his Dyker Heights digs for a new three-story home in Bay Ridge.
Scissura purchased an eight-bedroom home on 82nd Street between Third Avenue and Ridge Boulevard for $2.2 million, according to documents filed with the city s Department of Finance on Tuesday. Though not far from his current Brooklyn home, the Bay Ridge property offers a shorter commute to his daughter s school, Scissura said on Tuesday.
The house, built in 1899, spans more than 4,000 square feet and has a private driveway and two-car garage. The dining and living rooms each feature a fireplace, according to House-n-Key s listing of the property. The previous owner is listed as Virginia Hindy.
Scissura, a life-long Brooklynite, took over as president of the Building Congress in January 2017, succeeding Richard Anderson, who held the position for more than 20 years.
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Carrie Chiang, Janet Wang and Scott Stewart take top honors at Corcoran awards

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Carrie Chiang, Janet Wang and Scott Stewart take top honors at Corcoran awards
Firm recognizes 2017’s top producers in event at Guastavino’s
New York /
From left: Carrie Chiang, Scott Stewart and Janet Wang
Third time s the charm for Corcoran Group agent Mike Fabbri.
After stints at Douglas Elliman and then Compass — where he was director of social media and agent development, respectively — Fabbri decided to ply his trade as a broker in 2016.
On Tuesday, Fabbri and business partner Scott Francis were named rookies of the year at Corcoran s annual sales meeting and awards ceremony. Michael Tannen was rookie of the year in Brooklyn.
Perennial top producers Carrie Chiang and Janet Wang were named Manhattan team of the year, while Scott Stewart was Manhattan salesperson of the year.
Held at Guastavino s, the ceremony kicked off with a rendition of Seasons of Love, from the musical Rent, performed by a choir made up of Corcoran executives, staff, and agents.
Corcoran also honored Susanna Lendrum and Hilary Landis — each with a deal of the year award — for closing the $91.1 million at 432 Park Avenue and the $55 million sale of art dealer Robert Ellsworth s co-op at 960 Fifth Avenue.
The deals were the most expensive condo and co-op sales of 2017.
Corcoran was the No. 1 firm on The Real Deal s recent ranking of Manhattan s top residential brokera[……]

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Sotheby’s wants to replace home staging with augmented reality app

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Sotheby’s wants to replace home staging with augmented reality app
AR technology is coming to the luxury brokerage business
New York /
Curate by Sotheby s International Realty
The elaborate staging of an apartment is a staple of the brokerage business. Now Sotheby’s International Realty is hoping to replace actual furniture with a smartphone app.
The augmented-reality app, dubbed “Curate by Sotheby’s International Realty,” allows users to look at an empty apartment through their phone’s camera and throw in different virtual furniture sets on the screen.
“There’s a cost to physical staging,” says John Passerini, who handles interactive marketing at Sotheby’s International Realty, told Bloomberg. “And there’s even an environmental impact to it—carting [the furnishings] from one apartment to another. Plus, you can’t do things on the fly. Once you choose a physical staging set, that’s it, so if a client doesn’t like the modern furniture you’ve chosen, too bad.”
The brokerage is currently testing the product at a $7 million apartment at 481 Greenwich Street that’s about to hit the market. Sotheby’s is the first real estate brokerage to launch a virtual home staging app, though home goods retailers Ikea, Lowe’s and Pottery Barn already offer similar technologies.
Unlike its cousin virtual reality, augmented reality technology doesn’t create new world[……]

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Banks are bullish on Singapore’s resi market

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(Credit from back: Someformofhuman/Wikimedia Commons; Pixabay)
Since 2013, Singapore s residential market has seen price declines, but after marginal increases in the last two quarters of 2017, the market is officially forecasting double-digit growth.
“For 2018, we expect prices in the private residential market to rise 12 to 15 per cent year on year,” said Savills Singapore s Alan Cheong to the Financial Times.
He s not alone: Credit Suisse estimates prices will rise up to 10 percent while OCBC Investment Research predicts growth by 8 percent, which makes Singapore their best bet for Asean residential markets.
Not withstanding market crashes in 1997 and 2008, the city s resi market had seen four decades worth of growth before government intervention finally cooled the market, after 10 different attempts, in 2013 with a stamp duty tax and tougher borrowing rules.
Recent easing of the government-imposed rules are prompting more sales now, according to Cheong, and increased development will push more buyers towards new buildings or renovated units, which, Morgan Stanley believes, will take care of the surplus of existing units in a city with a resi vacancy rate of 8 percent. [FT] Erin Hudson
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