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REBNY’s Residential Breakfast Club met yesterday morning to present “Offering Plans,” a seminar featuring guest speakers Anne Sullivan Young of Brown Harris Stevens and Bruce Cohen, Esq. of Cohen & Frankel, LLP.
The 90-minute seminar kicked off with Young sharing her knowledge on how to achieve success, citing curiosity and passion as the two most important qualities needed to reaching that goal.
“Stay abreast of the market you think is the best,” she advised. “For me, right now it’s Brooklyn. But in new developments, there are always many caveats. Also, know who the seller is. That way, brokers can do research on value and reputation.”
Cohen spoke for a majority of the seminar, presenting a slideshow accompanying his talking points. He taught attendees about the do’s and don’ts of offering plans, as well as types of sponsor deals and a few inside tricks regarding new construction. He particularly stressed the urgency of new development offering plans, calling it a “take it or leave it today” situation. According to Cohen, there is little to no negotiating with buyers.
“Never quote the square footage,” he said. “I can’t tell you how many people I hear getting sued because they quoted square footage without taking into account the square foot loss factor. In New York City, it’s measured from the exterior brick, which is something a lot of people don’t know.”
“If there’s one thing to take away from this seminar,” he added, “it’s to be prepared. Get your client prepared, and always get consultation.”
