Modern Spaces sues developer over LIC exclusivity agreement

A major Long Island City condo project is now the subject of a legal battle between Modern Spaces and Ascent Development. The brokerage has sued the developer of 45-30 Pearson Street for $3.35 million, alleging that Ascent appointed Modern Spaces as exclusive sales agent for and then dropped it without cause. Modern Spaces, led by Eric Benaim, says it fulfilled its obligations — leading tours, providing sales data and developing layouts, floor plans and pricing.

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Manhattan’s luxury market records slowest week since 2020

A sweltering heat wave brought 90-degree temperatures to New York City last week, but Manhattan’s luxury market continued to cool off. Buyers signed just 13 contracts for homes asking $4 million or more in the borough in the first week of August, 11 fewer than in the last week of July, according to Olshan Realty’s latest report. Those 13 properties were last asking a combined $95.24 million, the lowest total tracked by the report since

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Shake-up at 22 Bond: Corcoran in, Tal Alexander out at NoHo condo

Well, that was fast. Just four months after Douglas Elliman’s Tal Alexander, Jared Schwadron and Marc Riedel were tapped for sales at 22 Bond Street, a new team is assuming control. Corcoran’s Catherine Juracich, who previously worked with JDS Development’s Fitzroy condominium development in Chelsea, has taken over sales at the luxury NoHo development. Alexander left Elliman in June to launch a brokerage called Official, backed by white-label firm Side. The broker said he had

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Sell, sell, sell: Lack of listings dampens Elliman earnings

Despite having very few homes to sell, Douglas Elliman agents were able to scrounge up enough sales to produce a modest profit for the brokerage in the second quarter. The company, which spun off from parent Vector Group last year, reported revenues of $364.4 million for the quarter, a 7 percent decline from the same period last year, when the housing market was at dizzying heights. Still, its revenues outpaced its expenses, with Elliman reporting

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Redfin’s second quarter slowed with the weakened housing market

Redfin is among the brokerages feeling the burn in recent months as mortgage rates increased, inventory shrunk and prices increased to push homebuyers out of the market. “The housing market took a turn for the worse in the second quarter,” said Redfin CEO Glenn Kelman in an earnings call with investors Thursday, citing the diminished conditions for the company’s poor second quarter performance. “Even as the housing market weakened our results, Redfin has gotten stronger,”

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Contract signings for homes plunge, yet inventory stays low

Across the New York region, contracts to buy homes have tapered off, but persistently depleted inventory has yet to rise. Take Long Island, where new signed contracts for single-family homes were down 28 percent in June from a year ago, according to a report by Miller Samuel for Douglas Elliman. New listings were down 22 percent. In the Hamptons, buyers signed 41 percent fewer contracts than in July 2021, while listings fell 15 percent. And

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The Fed raised rates. So why did mortgage rates fall?

Conventional wisdom is that when the Federal Reserve hikes interest rates, mortgage rates are sure to follow. Well, not necessarily. After the Fed raised its benchmark rate by a historic 75 basis points, the average rate on the 30-year fixed mortgage fell to 5.22 percent on Thursday from 5.54 percent on Wednesday. On Friday, it dropped again, to 5.13 percent. Beyond the rate set by the Federal Reserve and other actions by the central bank,

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111 West 57th Street snatches Manhattan’s priciest contract

UPDATED, Aug. 1, 2022, 1 p.m.: Sponsor units had their moment last week, as developers sold half of the luxury properties to enter into contract. The priciest unit to enter into contract was PH20 at JDS Development Group and Property Markets Group’s 111 West 57th Street, according to a weekly report of Manhattan residential properties priced at $4 million and above by Olshan Realty. The unit asked $21 million, raised from $19 million when the

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One of Westchester’s largest waterfront parcels lists for $11M

A Westchester home with ties to old Hollywood is on the market. The century-old brick Georgian at 315 Brevoort Lane in Rye is asking $11 million. It was once home to Paramount Pictures president Barney Balaban in the 1940s and 50s, around when it served as a set for several scenes in the 1954 film “Sabrina,” starring Audrey Hepburn and Humphrey Bogart. Balaban used the sunset room on one side of the house as his

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Serhant bumps Corcoran from NoMad penthouse sales

Serhant is taking over sales at the tippy top of Victor Group and Lendlease’s Fifth Avenue tower. The brokerage has scooped up sales and marketing at 277 Fifth Avenue, bumping Corcoran, which was previously marketing the entirety of the building, according to sources. Corcoran, which was behind deals including one penthouse — PH52 — that closed in May 2019, is no longer marketing the remainder of the building, according to sources. The brokerage declined to

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