The Real Deal and Rushmore's Corcoran Group

link?

http://therealdeal.com/newyork/articles/rushmore-sales-team-tops-corcoran-sunshine-marketing-group-awards

My experience with the so-called "sales force" at the Rushmore left me seriously underwhelmed. They were pretty smug and not too eager to show building amenities during an open house.... said I would need to "make an appointment and come back during the week". In general, acting like it was still 2007.

Aha, but I have the last laugh, smugly still renting my beautiful place at a reduced rent, all the while noting the mostly darkened apartments at The Rushmore. The building looks 80% empty. The pricing still looks like a relic of 2007.

RealDeal makes money from advertising. Why are you surprised?

Look at the latest closing. Down 20% from inflated asking prices.

They're lowering prices and moving product, exactly what they should do.

Here's the real deal about The Real Deal: Puff-ball interviews with developers.

exactly what they should do. just a tad bit on the slow side. i shall have to go back and review RS's predictions for sales by the end of the year, i seem to recall something of the sort. 50%ish maybe?

Wow, someone has free time. Remember predictions are just predictions. I do not care greatly either way except that it would be shame to see a failed building. That said it is interesting that Extell continues to close units. Right now the bet would be they sell out but make far less on Rushmore than they intended to. Jury is still out though.

Truth:Here's the real deal about The Real Deal: Puff-ball interviews with developers.

That is not exactly true. The Real Deal is the only media outlet that has covered the progress of the AG;s suit and broke a quote from the lawyer of the 34 lawsuits that the 2009 "typo" could not possibly be a typo as they filed something like 16 previous papers with the AG. If true, it looks very bad for the developer. The Real Deal also covered a story about a lawsuit accusing Extell/ Barnett of robbing another development to pay off costs at Rushmore. All of this is public knowledge. See Disaster at Rushmore thread.

What I would like to know is if this building goes down because of fraud on behalf of Extell and Strook, are these brokers liable. Will we be seeing their next picture in a line up. They know there is a risk, and you can be sure they are not disclosing that info to buyers. I asked about the lawsuit when I went to see the building shortly after the story of the "typo" broke. After I asked the question, they rushed me out of the building and let the door slam on me. Clearly they are not telling buyers they are about to get soaked. If the builiding goes into bankruptcy, I hope every buyer sues these happy brokers.

actually, RS, i remembered it. i didn't look it up. but please, you've been an apologist for this building for ages. maybe because of the location?

and you don't have any time on your hands? give me a break.

O.K., apt23. I was referring to a particular interview, at the beginning of last year.

I saw a building to the south of Rushmore. How is the strategy there different? Why did they start it?

To take advantage of lower construction costs. These will be smaller units, will be easier to sell and buyers finance. They'll probably be closer to upscale rental product. Economics of Aldyn are better than Rushmore. All that being saidit does seem an odd decision. They'll probably delay marketing until all the under 2 million dollar apartments in Rushmore are sold.