NYT describes Wei Min’s negotiation skills in Developers Cease Condo Incentives

Posted by Wei Min Tan on November 14, 2017

Publication:  New York Times

 

Summary:  New York Times’ reporter Julie Satow writes about the changing Manhattan property market that turned from a buyer’s market to a seller’s market.  Article opened with three months ago, Wei Min Tan managed to save his client $95,000 in closings costs and getting a free storage unit when negotiating a $3 million apartment.  Since then, inventory available for sale dropped dramatically while number of buyers increased.  It’s no longer possible to negotiate on closings costs on new development condos.

 

Wei Min’s comments in article:  THREE months ago, when Wei Min Tan, a broker at Rutenberg Realty, negotiated a deal for a new $3 million three-bedroom condominium at the Aldyn on the Upper West Side, he was able to save his buyers $95,000 in transfer taxes and other costs, as well as to finagle a free storage space.

But now, Mr. Tan said: “I don’t know if I could get the same deal. Literally a month ago, the market turned, and there is now a feeding frenzy.”



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New York, NY 10022





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Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.