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September 25, 2007
New Construction Condos & Exclusive Broker - Legal?
I was told by the 'exclusive' broker @ a new construction condo that they were 'not working' with any external brokers and that I could not have my own broker. In many states this is illegal, does anyone know about NY?
Turano
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Had the same deal on my place. It is really up to the seller since they are the one who pays the broker fee at the end of the day. If they offer their broker 4 or 6% and then your broker brings you in, they each split it. Sometime they offer a dsicount like 3%, but they retain exclusive rights on the sale and wont share with your broker.
Posted by: guest at September 25, 2007 1:15 PM
Even REBNY members don't have to co-broke new construction. However, these days, more and more firms are doing so -- 475 Sterling is starting to co-broke tomorrow and is hosting a brokers' preview tomorrow evening (and A&H aren't even members of REBNY). The only example I can thinkof recently in new construction that hasn't been co-broked is 110 Livingston, because Two Trees didn't need to.
Posted by: guest at September 25, 2007 5:30 PM
I am not surprised that 475 Sterling is going to Co-Broke...the views from the floor to ceiling glass windows are...how do I say...less than breathtaking.
Honey see how lucky we are we spent 550K to look at an auto repair shop.
Turano
Posted by: MRTurano at September 25, 2007 5:41 PM
There's no auto repair shop across the street there is however a new building going up and the warehouses across the street are going to be developed so I would say you would have a nice view of new condos which is great for the block! A&H co-brokes most of their new developments, Suite 16 had a bunch of broker's open houses.
Posted by: guest at September 26, 2007 1:21 AM
That must've been pretty recent because when I last contacted A&H, they were not co-broking Suite 16.
Posted by: guest at September 26, 2007 2:46 PM
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