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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641 Lexington Avenue,
22nd floor,
New York, NY 10022

641 Lexington Avenue,
22nd floor,
New York, NY 10022

About Wei Min

  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

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