Million Dollar Listing NY - Question

The $10,000,000 mortgage has only his name on it.

No reason I can think of why somebody'd take on a mortgage for property they don't own, but maybe there's some wrinkle with spouses.

As does the deed. I don't see any mortgage with her name on it.

>"The 4,209-square-foot home was purchased by Harsh Padia, a financier who started his own hedge fund two years ago. Mr. Padia is married to interior designer, Purvia Padia, whose name does not appear on the deed. A mortgage for the Washington Street property was, however, taken out in her name. Looks like all is well in the Padia household! And with a little luck Mr. Padia has found himself a designer who will decorate the place gratis!"

Not really, it's more about what the prenup says and/or the conditions in a future divorce. This quote is just an obnoxious invasion of privacy.

Nice job.....Elise
http://www.facebook.com/eknutsen

What nobody seems to have noticed is that the Observer article got the critical fact wrong. The apartment was sold under the ask. They combined a few unitsnto get to the 17mm price tag. If you watched the show, it's clear that there was an aggressive negotiation. the ask for the collective purchase was closer to 20mm according to the show.

nyc411 is correct. Not only did they negotiate from 19.5mm to 17mm but they also had the developer pay for new city filing and combination construction to fuse the two units.

This is reality t.v. and as such it's scripted.
This is not real life N.Y.C. RE.
DO NOT EXPECT THE SAME RESULTS.

uwsbeagle, Streeteasy shows the ask price was $15M for one unit and $5.2M for the other, and this went into contract quickly at $16.75M (before transfer taxes).

Truth, what are you implying? That because it was scripted TV, a million or two was left on the table for effect? Or what sort of thing exactly?

i saw it on tv so it must be true..

inonada: the negotiations.and the lead-up.

Everything on reality t.V. is staged for the camera.

Where the brokers ,sellers and potential buyers stand/sit.
The questions, answers, conversations.
Who answers the door/phone when the bell rings. The door is answered while a camera unit is filming.

Think people have camera crews in their homes in real life, inonada?
Do brokers have people sign a release form to enter open houses?
Do make-up people powder them?

This comment may rock inonada's t.v. viewing plans:

Not every potential buyer on this show is really interested in buying the apt. on the show.
They are in it for publicity.

They may still buy the apt. but they factored in the price.
The interior designer is happy. She also gets a write-up in the Observer.

and I won't even tell you what one of the producers of an RE reality show called to pitch me, for one of my clients.

Well Truth, you sure live up to your name. I can understand middle america buying this, but people on this board one would think should be a bit more aware. As said, it is a reality show. Even the Kardashians come off wistfull once in awhile thanks to smoke and mirrors. Why would real estate shows of this ilk be any different?

Most people are aware that it's not for real and I'm sure inonada knows. Just not how unreal it is.

Be careful Truth, you must conform to inododo's version of fantasy, and his version only.

Hey - at least on this show they actually SELL an apartment.

Which is why they never seem to on the other reality RE shows. Those people had no intention of buying and the producers knew it.

Never mind trying to find the logic of the Padia's deed and mortgage.

"inonada: the negotiations.and the lead-up."

Agreed, I thought you were perhaps talking about price & discount off of ask.

"and I won't even tell you what one of the producers of an RE reality show called to pitch me, for one of my clients."

Do tell!

inonada: Nah, those are set. Along with the line-up of non-buyers.

The producer wanted the guy to pretend he was interested in a unit and stop by to look at it.
Just to get a celeb on the show.

If you watch carefully, inonada, you may be able to see the editing cuts in quite a few scenes.
They also edit in reaction shots. They have a file of let's say, Fredrik making faces. Tight shots are cut in of him making those faces as if in reaction to what is onscreen at that moment. Tight shots only show the face, so they can use footage from other days. Not that they are above actually re-shooting entire scenes of action that has already taken place.

The creatives have fun with the talent by surprising them while cameras are rolling.
Fredrik was told to take his bag lunch into the meeting with the developer and instructed to do his mouth-too-full-to-answer-question act. It's a running schtick on the show.
Fredrik goes into the developers office with his luch bag, proceeds to claim that he hasn't had time for lunch and then-- surprise -- the developer doesn't let him pull it.
Fredrik looks confused and that's why. Copious flop sweat forms on Fredrik's face.

He looks like a cartoon character with that big head anyway.

Inonada, I don't doubt your figures on that price. I was recalling from memory. But I do find one thing curious about SE: The actual sale price that was picked up by SE on the purchase of my own apt a while back was off by approx $50k. Does anyone know if SE grosses up the sales price to include transfer taxes and fees paid to the city or state?

Another very big point:

That Park Ave. unit has reflective windows. Nobody, including Fredrik thought about telling the buyers that, until the deal almost fell through because they were concerned with being seen from the street?!
The buyers didn't walk out on Park Ave. and see for themselves that the interior isn't visible from the street?!
Nope. If you believe this show is reality, only Fredrik thought of it and saved the deal for himself, the buyer's broker (she nonada too) and the developer at the last minute and the end of the episode.

And they used walkie talkies rather than cell phones. Seriously?

NYC10013 - they needed to make it believable since the broker was going to call her client while testing the view hahaha

uwsbeagle, the city reports, and SE picks up, the total consideration. That includes any taxes paid by the buyer that're usually the obligation of the seller.

So, if you agreed to pay $2,700,000 plus transfer taxes, the reported amount would be about $2,749,275, because that's what you coughed up.

Thanks NWT. Those are aspirational figures for me but thanks for illustrating the point.

For some reason my last post didn't get added to thread. In any case, thanks for the explanation. My price point was not nearly $2.7mm but we had the seller do some construction as part of the deal that may have found its way into the final number in addition to the transfer tax which they also paid.

NYC10013: Seriously!
UESaptowner: See, most audience viewing are so swept up in the big expensive apts. and the wealthy buyers.
They may be wealthy but they sure are stupid if this show is to be believed.

The big selling point of that unit is the big windows and the streetscape view. (only on Park Ave. would a view of the street be a selling point. (and not the Park, not a view-tower, no bridge or water -- the street!)
You would think that the developer would show those reflective glass windows to the brokers (Michael and Fredrik) and that feature would be part of the showing details. There was so much talking about those windows.

Then when Fredrik is told about the reflective windows, he's surprised and his super-broker brain comes up with: close the shades.
WTF?!

Correction: When Fredrik is told the deal isn't happening because of the buyers' concern about being seen from the street... he comes up with close the shades.

When Fredrik is told (for the first time?!) about the reflective windows he is surprised although it's well into not only the pre- deal, but his being brought in by the developer because Michael hasn't been able to move it.

Michael, who is so concerned with knowing and memorizing everything possible about the selling features, down to advanced study of the counter surfaces (previous episodes) didn't know about the reflective glass windows?

W81st would have told the buyers broker to bring that couple downstairs to show the exterior of the building (wouldn't you want to see the exterior?) before they met him upstairs inside. He would have told the broker to point out the reflective windows: "... and the interior can't be seen from the street".
Then w81st would have called the broker while they were down there and said "I'm looking at you while standing inside the windows and you can't see me."

Because he pays attention to detail. and he isn't stupid. and he's real.

Treat the show for what it is, an infomercial for NYC high end real estate.

You will watch it through new eyes this week.

In other entertainment news, fine flicks division:

"Dark Shadows" is excellent. J Depp rocks as Barnabas Collins!
I watched the screener yesterday and I'm going to watch it again with friends later.

Remember the annoying couple from Florida who bought at the Rushmore? They're trying to sell, less than a year later:

10/11/2006 Previously Listed by Corcoran at $4,000,000.
04/23/2007 Corcoran Listing is no longer available.
12/29/2009 Previously Listed by Corcoran at $4,000,000.
03/02/2011 Corcoran Listing sold. Last priced at $3,381,000.
03/02/2011 Previous Sale recorded for $3,234,022.
02/08/2012 Listed by Nestseekers at $4,250,000.

$1,000,000 more, and all they did was add some motorized shades: http://streeteasy.com/nyc/sale/661979-condo-80-riverside-blvd-lincoln-square-new-york

What's funnier is their giving the listing to Ryan. I guess they didn't know he'd bad-mouthed them on the show.

Ryan got their listing?!

Lookit the new listing Ryan got: http://streeteasy.com/nyc/sale/680580-house-2134-ocean-pkwy-gravesend-brooklyn

Re: Lookit the new listing Ryan got

what horrible crime must you commit to be sentenced to live there?

That's Russian mob money and taste.
I'd like to see Ryan showing this apt to other Russian mobsters. Who else would go look at it?

OMG, great listing. If only it came furnished! I love the swingers' twin king beds in the master b/r.

Uwsbeagle, those beds are known as "nidah" beds. It's clear from the various appointments in the photos (and the listing address) that the current owners are Orthodox Jews. These beds are such that the husband and wife can sleep separately during the wife's monthly "unclean" time. For this particular demographic, the fact that the room can so easily accommodate such nidah beds is surely a plus.

Fredrik is the funniest broker in NYC...he makes the show fun...Ryan is just annoying, and I just feel bad for Michael...

@rsm321. thanks for clarification. Didn't know such a thing existed...learned something new!

rsm: That is Orthodox money and taste? I didn't zoom in on the stuff ,just saw the overall gaudiness.
I know there is an Orthodox community on Ocean Parkway and they build big homes for their big families.
This location is in Russian territory near Brighton Beach.

I'd also like to see Ryan dealing with the Orthodox sellers. Maybe he will get Russian buyers.
Who else,pray tell, will look at it never mind buy it at that price point?

Truth, :-). I can't speak to the "taste," per se. I can only say that the dual-yet-separete appliances (kosher kitchen), full Shas Talmud in the library, and Nidah beds in the Master all indicate that this home belongs to Orthodox Jews. Also, it's certainly possible that one can be both Russian AND Orthodox.

lol,rsm.
Now I see the details. Wow!

Michael would be a much better fit for this listing. He's a hammisha boychick.

Truth, you just cannot stick to real estate, can you.

What? I'm not the one who brought up the swingers' beds.

I love Ryan's new listing in Brooklyn 11223 !!!!! This is a perfect opportunity for the cast of Million Dollar Listing NYC to cross over with the cast of Brooklyn 11223. Maybe someone in Christie's Crew on 11223 - like Nick the Glass Shop guy - will be interested in Ryan's listing!!!!! This could be like George Jefferson going from Queens in All in the Family to his DE-luxe apartment on the UES in the 1970s. I love it!!!!!!!

Just when you thought you knew what ugly is a whole new species of worse ugly appears. What on God's earth is that house? It looks like a convention center crossed with Russian bad taste. Take a look at what is hovering over the kitchen island--what is that on the ceiling? What do you even call it?

I read in the Times, I think, that the High Line penthouse party on Million Dollar Listing was a complete sham and that a contract was already out with a back up buyer in the wings at the time the party scene was filmed there.

Oh--P.S. Nestseekers opened an office in East Hampton I noticed last week.

Saw it kyle. For upscale nests.

Take a look at what is hovering over the kitchen island--what is that on the ceiling? What do you even call it?

It called the bottom of a spacecraft that was converted into a lighting fixture.

The tear-downs on Ocean Pkwy. started in the 1980's. Just a few giant homes were built and were used as shuls.
This misguided attempt at opulence now on the market must be owned by a rabbi and the big machers get to meet and have services there with him.

I never imagined that interior decoration.

Last night's show:
Michael is trying to make the showing for that house kid-friendly because he expects lots of parents to bring their kids with them to see it. Clowns, balloons.
But the people who are walking in don't have kids with them and some don't even have kids.
finally some kids are there and he shows them the backyard where he has an executive clown house thing going on.

He should have stationed one of the clowns outside in front of the house. The idea is to attract people in, he's got the stupid clowns inside.

some of the stuff in the show seems staged to me - especially the negotiations.
for example, one of the condos - devloperer wanted min of 2.8 and seller wanted to pay no more than 2.9
Michael and Fredik wind up negotiating a price of 2.85 - exactly in the middle.

bigmoviebuff
11 minutes ago
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some of the stuff in the show seems staged to me - especially the negotiations.
for example, one of the condos - devloperer wanted min of 2.8 and seller wanted to pay no more than 2.9
Michael and Fredik wind up negotiating a price of 2.85 - exactly in the middle.

"some" of it seems staged? if you mean all when you say some you'd be correct

Frederik is very charismatic

All of it is staged. The scenes are blocked out in preproduction. There are script points (general "scenes" with notations for different characters entering and leaving camera range,who starts which argument, in the car or out of the car, sitting or standing).

The negotiations are entirely scripted.
The talent is surprised whenever another person in the scene goes off-point (at the director's pre-scene instruction). Those are the only genuine reaction shots. Because "the talent" are not actors.

Fredrik has a rubbery face good for reaction shots. He has a dozen facial expressions just to show exasperation, most wih lip twists.

OMG, that house makes me think of Leonard's of Great Neck or something. Who wants to live in a catering hall.
This is maybe the 2nd time Ive seen Nidah beds. First time was watching I Love Lucy. :)

Lucy and Ricky had twin beds.
When Ricky came home from the club he jumped into Lucy's twin bed and: BABALOU!
Oh RICKY RICKY RICKY!!!

Yes of course, point was they may as well have been.

Though I seem to recall that episode when they were in a motel and the train vibrations sending the bed across the room with the two of them in one bed.

That was a good one. The censors let it through. Lucy and Desi were very big stars.

j hones = Frederick

?

Do any of you think any of the agents are overpaid? Would you hire any of them as your broker?

I would hire Frederick in a minute. It's not like he's getting 7 or 10% comm. it's 6% like any other broker so why not him vs anyone else. Staged as the show may be, he seems to work hard to seal the deal.

I would like to look at Ryan. Don't know about hiring any of them.

Yes Ryan is easy on the eye.

Ryan is good lucking but has very poor selling skills. Frederick is a natural salesman and Michael is a spoiled brat but nice guy even though he lives off the coattails of his father.

Overpaid by making money appearing on the show.
Knowing how annoying some brokers can be and seeing how annoying these guys are, no I wouldn't hire Fredrik or Ryan.
I would hire Michael. He's kinda nebbishy and he overdoes the open house themes but he's not annoying.

Ryan is O.K. looking and he has nice former-hand-model hands. He was on a soap opera so he has that on-camera fake intensity.

Ryan would make a better-looking couple with Fredrik's fiance.

Frederick is such a douche!
(watched it for th e first time last night)
Let me rephrase:
Frederick is a super douche of epic proportion!

sorry about the spelling
Fredrik Eklund is the super douche

So how do you really feel?

He's in love.

Its terrible. The Russians, Persians, Uzbeks, etc and Koreans too - they ruin neighborhoods with their gaudiness- they take perfectly nice houses and make them ugly. We need more and better architecturial reivew boards to stop them. And even then, I've seen houses in Forest Hills Gardens owned by Russians where since they couldnt ruin the outside because of the strictness of the Arch review board there, they totally ruined the inside.

Does Ryan have a higher net worth than Fred??

Celeb Net worth lists (bout 2 months ago) Ryan's net worth at about $5mm, which makes some kinda sense I guess since he's the #16 broker in all NYC.. Fred's only at $4mm despite portraying him as the "bigger dog in the game.

Does Ryan just close a lot more deals (albeit smaller) than Fred or do they not count Fred's overseas shenanigans.. yes, I know that source is highly subjective, but nevertheless.

um, hope this thread isn't deleted because we're being critical of Fredrik and Million Dollar Listing.
They are now in cahoots with se .

5thGenNYer: "And even then, I've seen houses in Forest Hills Gardens owned by Russians where since they couldnt ruin the outside because of the strictness of the Arch review board there, they totally ruined the inside."

If you wish to restore them to original condition, I can recommend - Design by Francois - www.francoistenenbaum.com

I believe in some thread there was question about whether the "talk" feature of SE drove traffic to the site or not, and I am one data point to support a "yes" answer to that question. SE message boards have become my guilty pleasure; a place that I go when I am waiting for a plane, stuck in a cab, etc.. While I find the site educational when I ask for education, I also really enjoy reading the banter among the regulars. Now that SE has some joint marketing agreement or whatever with Million Dollar Listing, I am more hooked than ever. Frederik is my favorite; I love how he enjoys the game so much. Michael, on the other hand, seems like he just wants to do a good job for all parties involved and does not appear to enjoy game theory at all, so he inspires some sympathy from me, particularly when Frederik is toying with him. Finally, Ryan does nothing for me, but rather I believe is a testament to how well the show is cast because I know others who love Ryan, have no tolerance for Frederik, etc. Something for everyone. I feel like SE should be able to take this joint marketing further; find a grueling client for one of the agents who has done all of their research on Streeteasy and really challenges the broker with comps of their own, etc.

buster2056- Good to see you have great taste!

:-)

Here was your thread Truth.
http://streeteasy.com/nyc/talk/discussion/35549-selling-ny-selling-bs

Thanks, greensdale.