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Bonus Time for Manhattan Real-Estate Brokers

DAWN WOTAPKA The Wall Street Journal
(Evan Joseph) The Fairchild in lower Manhattan is seeing interest pick up. Here, a kitchen in one of the units.

(Evan Joseph) The Fairchild in lower Manhattan is seeing interest pick up. Here, a kitchen in one of the units.


NEW YORK—The Fairchild condominium development in lower Manhattan opened for sale in December 2008, just after the collapse of Lehman Brothers rippled across the financial sector and paralyzed the Big Apple's real-estate market.



Gerard Longo, principal of Atlantic Walk Vestry, which developed the 21-unit building, saw just two sales in the first six months. It took cutting the asking prices by some 15%, a three-bedroom unit that was to go on the market for $3.6 million sold for $3.1 million, to generate activity.


But, these days, Mr. Longo is upbeat, cheered by the return of buyers ready to spend Wall Street bonuses. Roughly half of last week's 30 appointments to view condos came from workers in the financial sector.


"They're more aggressively looking, and now we're starting to see the offers come in," he said. More than half of the 21 units are under contract.


While public outrage looms over Wall Street's 2009 bonuses, potentially record payouts expected in coming weeks, New York's real-estate community is outright giddy. Local brokers said the money will help stabilize the nation's quirkiest sales market by boosting sales, particularly in the $2 million to $5 million range, and restoring confidence.



Bonus Time for Manhattan Real-Estate Brokers - United States - Manhattan - agency - real estate agents

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