But What Did You Do for Me Today, Developers Ask Brokers

August 3, 2010  |  

(NYT) — About three years ago, before the demise of Bear Stearns and the collapse of Merrill Lynch, Beth Fisher, a broker with Corcoran Sunshine, was toiling away marketing apartments at the former Stanhope Hotel on Fifth Avenue that had been converted into luxury condominiums. Over time, she helped sell almost all of the 26 apartments for up to $34 million each.

But when the last two high-priced apartments lingered on the market through the recession, the developer, Extell Development, farmed out a $35.5 million listing to one of the city’s top-producing brokers, Carrie Chiang of the Corcoran Group. And when Ms. Chiang did not sell a 16th-floor apartment, Extell slashed the price to $28.5 million, dropped Ms. Chiang and handed the apartment, along with its 15th-floor neighbor, to another high-end broker, Michele Kleier of Gumley Haft Kleier.

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