Exclusive Right to Represent?

According to the Real Deal – Corcoran is suing for $8.82M in commissions for the 60 Further Lane Sale in East Hampton this Spring…click on the link below…



Brokerage claims it was cut out of the transaction by buyer, fund manager Barry Rosenstein

July 24, 2014 08:30AM


But, according to an article written in the New York Post at the time of the sale in May, which exceeded the previous record just set in Greenwich for the Copper Beech Property which sold for $120M, there was no reported listing broker, which they wrote about:

Activist investor buys NY mansion for record $147M

“When Gordon died last September at the age of 52, Browne’s relatives immediately looked to sell the property — and didn’t use a broker, to avoid paying commissions.
Top-notch brokers are furious that the deal was done in secret and not on the open market.
“The trustees of the estate, one would think, have a fiduciary responsibility to get the top dollar, which would have happened on an open market,” one broker fumed.
“This was an inside deal. They closed ranks. It was all very hush-hush,” the broker added.”

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