NY Observer > The Corcoran Group Inc.

Whooosh! 11 Spring Makeover Includes Dual-Flush Toilets; $17.95 M. Triplex

Max Abelson — Tue, 09 Sep 2008 19:30:15 -0400

“We were admiring your security cameras,” a man in a paint-splattered Ralph Lauren polo shirt said last Sunday afternoon, standing next to his wife outside of 11 Spring Street. “We need some for our building.” He was talking to Caroline Cummings, the 27-year-old who bought 11 Spring from Rupert Murdoch’s elder son, Lachlan, exactly two years ago for $12 million.

Back then the gargantuan 19th-century brick building, once horse stables, was drenched in graffiti, among other things, although the facade’s huge street art was so beloved that Ms. Cummings helped put on an art show before pressure-hosing the walls as renovations began. read more »

One At a Time, People! Condo to Throw Three Different Parties for Four Different Brokerages

Observer Staff — Wed, 28 Feb 2007 07:27:29 -0500

The Real Estate got the above invite on Wednesday morning. It's for a three-day broker party marking the grand opening of the condos at 100 West 18th Street. Tuesday night's for the Corcoran Group; Wednesday's for Prudential Douglas Elliman; and Thursday's for sister firms Brown Harris Stevens and Halstead.

Keep them apart, people! Brokers can get quite ravenous. - Tom Acitelli

Co-op and Condo Buildings Win City’s Valuation Game

Tom Acitelli — Sun, 04 Feb 2007 19:00:00 -0500

When is a luxury condo not a luxury condo? read more »

Santafreude!

Sara Vilkomerson — Sun, 10 Dec 2006 19:00:00 -0500

Syndicate Public Relations, Dec. 20, La Esquina, 203 Lafayette Street read more »

Angst Hits REBNY: Price for New Database Peeves Smaller Firms

Observer Staff — Mon, 06 Nov 2006 07:44:17 -0500

We reported last week that the Real Estate Board of New York will be starting early next year its own searchable Web database for residential listings.

Of course, the cost to the dear consumer is zero. But if REBNY's more than 300 member residential brokerages want their listings included in the new database, the price won't be so small.

According to one source, bigger firms will be charged $7,500 annually, while the little folks will pay $3,500. We called Warburg Realty Partnership president (and REBNY board member) Fred Peters for confirmation.

"That was certainly a proposal that was being kicked around," he said, "but it was one of a number."

Did mom-and-pop brokerages find the proposal unfair? (After all, the city's mega-conglomerates like the Corcoran Group and Prudential Douglas Elliman can afford much, much higher fees.) "No doubt there were people who thought that it was too much, and no doubt there were people who thought that wasn't enough."

Self-described "one-man show" Basil Ashmore is in the former REBNY camp. "I'm one person. If you look at Corcoran and Douglas Elliman, they have a thousand [brokers, at least]. So I think it's unfair I should pay 50% of their fee." (He remembered the currently proposed numbers as $3,500 and $7,000.)

"I suspect the proposal will change," he said. "But how much closer to fair it will be at the end of day, I'm not sure."

Back to Warburg prez Mr. Peters: "I like to make a joke as a broker: you know you've successfully made a deal when every side is equally unhappy. That's the point we're trying to negotiate toward: the point of equal unhappiness."

- Max Abelson

NRT Acquires Prominent East End Firm

Observer Staff — Thu, 10 Aug 2006 08:53:36 -0400

Today, NRT Incorporated, parent company of the Corcoran Group, purchased Allan M. Schneider Associates, Inc, as reported in the Real Deal.

Founded by the late Allan M. Schneider, the firm has been a staple of the Hamptons luxury real estate market for decades. And Mr. Schneider featured prominently in Philistines At The Hedgerow, Steven Gaines' gossipy look at "passion and property in the Hamptons."

Now, the company's 12 offices will operate under the Corcoran Group banner.

More details to come later on. The full release is after the jump. read more »

Gwynnie Goes Shopping in Amagansett

Observer Staff — Thu, 27 Jul 2006 05:40:53 -0400

Holy Moses! Apparently not too bored with the U.S.A., actress Gwyneth Paltrow, and her sensitive rocker husband, Chris Martin, are buying in the Hamptons, according to the New York Post.

The five-bedroom, Traditional home includes ocean views, a pool and guest quarters. Unfortunately, there's no mention of a price. However, The Post drops a juicy hint.

Her broker, Gene Stilwell of The Corcoran Group, would not comment on the transaction, but he does have a listing that looks remarkably similar in description.

So does Mr. Stilwell have any listings that match up? Well, there is a five-bedroom, Traditional home in Amagansett. The price: $6.5 million.

- Michael Calderone

Harvey, Wallbanger

Michael Calderone — Sun, 23 Jul 2006 20:00:00 -0400

Last month, The New York Times reported that movie mogul Harvey Weinstein had bought a West Village read more »

Lachlan Murdoch Selling on Spring Street

Observer Staff — Fri, 07 Jul 2006 11:12:00 -0400

Media scion Lachlan Murdoch has now found a buyer for his (unfinished) $14.75 residence in Nolita, according to the Corcoran Group website. Corcoran broker Brooks Nicholson confirmed that a contract was signed on June 29th for the five-story, brick building at 11 Spring Street, but could not discuss the sale price.

Back in Sept. 2003, Mr. Lachlan dropped $5.25 million on 14,000-square-foot building that served as a horse stable in the late 19th century. However, Mr. Murdoch's plans for extensive renovations were never fulfilled--especially since his public split with Rupert, and subsequent flight back to Australia.

As Mr. Murdoch told The West Australian newspaper last May:

"We were going to build what would have been the best family home in New York City," Murdoch said. "And yet we'd much prefer to raise our family in Sydney. We've been here some months now and we couldn't be happier with the decision. It is hard (to sell) and we are in no rush. But it's on the market and we're not moving back to New York."

Both Deborah Grubman and Carol Cohen, of the Corcoran Group, also have the listing with Mr. Nicholson. Ms. Grubman--who is also Rupert's broker--could not be immediately reached for comment.

- Michael Calderone

2nd Quarter 2006: "The Boom is Done"

Observer Staff — Thu, 06 Jul 2006 05:45:00 -0400

After double digit increases following the 2nd Quarter of 2005, there were headlines forecasting an immediate real estate collapse. And while that hasn't happened, the relatively small increases or decreases --depending on which market report you're looking at--show a more stable, if not cooling, market.

Today, three major brokerages released their market reports. Similar to last quarter, the results differ here and there. In both the Corcoran Group and Brown Harris Stevens reports, the average sales price for all Manhattan apartments (both condos and co-ops) dropped 5 percent. However, the Prudential Douglas Elliman report--prepared by Miller Samuel--showed an increase of 6.6 percent. And in that report, the average apartment has hit a new record price: $1.386 million. read more »

But one significant area of concern could be the increased inventory of condos.