The real strategy behind broker Ryan Serhant's 550 Vanderbilt "takeover": a stealth cut in buyer costs
The article suggests that the Nest Seekers team's secret sauce, after taking over from Corcoran Sunshine Marketing Group, might have been organizing "a community smorgasbord" with vendors from nearby restaurants and relying on, as the reality TV show star put it, "pure hard work and mass exposure.”
The stealth price cut
So owners could save a cumulative $86.5 million over the life of the tax benefit, $50 million more than in the earlier projection.
Some of the tax cuts were enormous. For example, the four-bedroom, 4.5-bath Penthouse West, priced at $6.86 million, was formerly projected to require annual taxes of $42,711 (already a 20 percent discount off taxes without 421-a). Now, annual taxes would be just $1,665 (see below).
Also, a few units had their sticker prices cut. For example, Unit 1101, as I reported, It was cut $125,000, or 6%, from $2,100,000 to $1,975,000, after being officially put on the market last July 18, the date Greenland Forest City announced a broker shift in a Real Deal article.
Commenters on the Real Deal "takeover" article were scathing. "This sounds like a paid article by Ryan," one wrote.
Leonard Steinberg suggested that the article "omits a few minor inconvenient details," adding:
1. Selling a staged, completed apartment makes a big difference.
2. Taking over a building and lowering prices (often dramatically) makes an even bigger difference.
3. Taking over a building and becoming receptive to offers in a down market makes even more of a difference.
Alternative Facts were invented by the Real Estate Industry: maybe we can also end this dishonesty or 'selective' fact-telling practice?