The Rubin Team Report

Rubin Team Report May 15, 2023

By May 15, 2023 No Comments

New York, the week ending May 12, was bustling with activity. Some noteworthy sales and lawsuits making headlines. From one of our favorite agents in Connecticut selling an entire island to a town to fake sale prices in co-ops being exposed, the industry has seen its fair share of ups and downs.

See All This Week's Listings Over $5M

One standout story comes from our friends on the Connecticut Coast, where Elliman All-Star Jennifer Leahy managed to sell an entire island to the town of Darien for a cool $85,000,000! The island, located in Connecticut, had been on and off the market for several years, through various brokers, with no interested buyers. However, Jennifer managed to convince the township to purchase the island as a public park on the Gold Coast for $15 million less than the $100 million asking price. The agent’s unique marketing approach and persistence ultimately paid off, demonstrating that creative thinking outside the box can yield successful results.

However, not all real estate sales are what they seem. The Real Deal recently reported on a scheme in which co-op sale prices are being artificially inflated to make them appear higher than they actually were. This was exposed as the market began to cool, and brokers became more creative to close deals. Some cooperatives are forcing sellers to record closing prices based on values that happened in the past rather than those supported by current conditions. The situation serves as a reminder to always be vigilant when going through the purchase process, and work with brokers who are familiar with those buildings that are known to occasionally mandate grossing up closing prices to keep up with the illusion of value. This is a practice I refer to as the building playing god for the greater good of the shareholders.

Another legal issue in the industry came to light when the owners of the iconic Flatiron Building known for its unique triangular shape attempted to sell the landmark commercial office and retail landmark at the center of the Flatiron District through auction. The winning bidder was Jacob Garlick who formed a partnership to fund the winning $190M purchase. The owners claimed that Garlick had promised to bring in high-profile buyers but failed to deliver, resulting in a disappointing outcome for the auction. The lawsuit highlights the importance of trust and honesty in the real estate industry and serves as a cautionary tale. 

On a brighter note, comedian Amy Schumer has sold her Upper West Side penthouse for $13 million, a slight profit from the $12.1 million she had paid in 2016, and a sign that blue chip properties hold their value.

Finally, media mogul Rupert Murdoch made headlines last week when he paid nearly $35 million, 20% over asking for a Central Park South co-op in the storied Hampshire House.  The 6,500 square foot home, once owned by investor Julian Robertson and singer Alice Tully, features a 38 foot great room and a large terrace overlooking the park. The purchase is a sign that high-end buyers are still active in the market and willing to pay top dollar for trophy properties.

Overall, the past week has been an eventful one in the real estate industry, showcasing both the potential for success and the need for caution and due diligence. The stories serve as valuable lessons for anyone looking to buy or sell property and highlight the importance of working with trusted professionals who have a strong track record of experience and knowledge in the market.

Josh Rubin

Author Josh Rubin

Josh Rubin, attributes his success to his exceptionally strong work ethic and quick response time with sellers and buyers alike. Josh's strategy of treating every deal as if it were the GM building has paid off handsomely with some of his largest referrals originating with his smallest transactions. His relationships begin with intent listening to someone's needs, then progresses with Josh as the bottom-line educator throughout the transaction process. Leaving no stone unturned, and no question unanswered, he focuses thoroughly on his client's individual objectives, and continually strives to provide accurate information, sound advice, and well-targeted results. Originally from Philadelphia, after attending the Tyler School of Art there, Josh came to New York with energy and enthusiasm, which he maintains today. Finding great joy in enabling people to reach their goals, Josh was able to find real estate as a career at a fairly young age. With over a decade of experience in residential sales, he has developed a keen marketing savvy and a long track record of negotiating successful terms for his clients. Consistently a top producing agent, Josh was recently named among the top 1% of all real estate brokers nationwide. Recent clients had this to say about Josh: "We were both so surprised at how easy Josh made the process. " "Over the years I have worked with different brokers as I bought and sold properties. I can honestly say I was never as impressed with any broker as Josh. " "My husband and I enjoyed working with Josh, particularly his market knowledge and commitment and his lightening-fast responsiveness. " Assertive yet patient, perseverant yet sure of when to step back, Josh works long and hard to attain people's trust, and then reward their confidence with the best possible outcome. The father of Leigha, Max and Sarah, Josh enjoys music, dancing, art, skiing and travel. Contact Josh with all your real estate needs.

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