I like this episode a lot, because it means so many different things to me. Real estate can be many things: a deal can be a quick, easy success and other times a slow failure. But most of the time it is something in between: extremely hard work where you get a lot, but not all you wanted. 46 Lispenard was just that for me. I got a lot out of it: six units sold in a week, $450,000 in commission, six happy buyers, a thankful developer, and I had the entire broker community talking about my quick sell-out – BUT, I did not get it all. I didn't get 11 units sold all at once.
46 Lispenard is an 11-unit building in Tribeca with a beautiful and historic cast-iron facade, all done and ready to be sold -- by none other than me! It is unusual to meet a developer who is ready to put the building on the market and go. Usually I sit in on developing and architect meetings for at least a year, working on floor plans, finishes and marketing material ahead of my sales launch, and usually selling out an entire building take months if not years. So to meet a developer who has everything ready and wants it done quickly is both good and bad: good because as a passionate broker it is always nice to get started right away, but at the same time it is never fun to have time constraints like this.
I talk a lot about momentum with my assistants and team. The creation of a momentum and the urgency for my co-brokers and my buyers to ACT is what makes me successful. To be able to sell out 46 Lispenard quickly and satisfy the developer's record high prices, I needed to not only ride the wave of momentum until the very last unit was sold, but I also had to create the wave to begin with.