Subscribe to Print Edition | Wed., May 21, 2008 Iyyar 16, 5768 | | Israel Time: 11:17 (EST+7) web haaretz.com   Back to Homepage Rosner's Domain Diplomacy Defense Jewish World Opinion National Print Edition Advertising Books Arts & Leisure Business Real Estate Easy Start Travel Week's End Anglo File

Last update - 01:50 20/05/2008 Israeli real estate cutthroats unite in New York-based business By Raz Smolsky, TheMarker Tags: United States, Israelis  Ilan Bracha and Lenny Sporn are laying down arms in their war over New York City, and more than that, they're joining hands. The two young Israeli real estate salesmen are among the top five team leaders at Douglas Elliman Prudential Real Estate. "There isn't a property deal in New York that doesn't pass over our desk," say the two, who instead of competing are merging their forces to create an 18-man team of brokers. Bracha and Sporn are success stories in the cutthroat world of New York property. Bracha, 37, came to New York 12 years ago. He began as a mover, until hauling boxes for a property salesman led to his new career. Sporn, a decade younger, arrived in the city in 2000, met a realtor named Mickey Roth and began working with him in low-cost housing, which means, apartments costing some $180,000 and rentals for around $1,500 a month. Over time, Sporn and Roth attracted the attention of Douglas Elliman president Howard Lorber, who recruited them both. Thus they entered the world of much more expensive housing, with sales of $1.5 million a pop and rentals starting at $15,000 a month. They recently mediated a deal to rent a flat for $42,000 a month. Advertisement Sporn, named New York's most successful property broker under age 30 in 2006, received an offer from Bracha that he couldn't refuse, he relates: to join forces. "Now we are reaching deals of a magnitude we wouldn't have separately," Sporn says. "We control 15% of the luxury apartment market ¬ and have exclusive marketing rights to several large projects." Sporn and Bracha are handling three mega-projects, one consisting of 500 apartments evaluated at $200 million ¬ in New Jersey. Another project is a Tribeca building with 20 apartments worth $2 million each, and counting. The third is a building in the Lower East Side, with 25 apartments valued at about $700,000 apiece. Prices in the City remain high despite the credit crisis. Prices are down only about 5% even though they rose by 40% in recent years, Sporn claims. If there's a decrease it's in the number of transactions and the time apartments can spend on the shelf, he says. "The market is alive. There are deals," he qualifies. "Apartments aren't being snatched up like they were two years ago, but at the end of the day, they get sold." Israeli realtors stand out in the New York scene, not by virtue of their numbers, but because of the volume of deals they drum up. "The Israelis rule the market because of their aggression," Sporn says. "An American dealer may settle for one deal a week. Our group sells 500 apartments a year, an average of one and a half a day." The two are also known among the Israeli scene, having handled apartment sales for Yitzhak Tshuva's Plaza Hotel, and also 40 apartments for a Broad Street building owned by Shaya Boymelgreen and Lev Leviev. Related articles: Ivanka Trump visits Israel to scout property prospects Bookmark to del.icio.us   Fear of extinction The state of over 20 species of birds in Israel has worsened considerably. Taking advantage Jerusalem police probe possible gang rape of disabled woman.   1.   Just like in Egypt they worked harder than all and became slaves 02:31  |  Reader of Wisdom 20/05/08   2.   More power to you, don`t forget the needy 03:37  |  Simon 20/05/08   3.   rental apt. 11:13  |  ari 21/05/08

Read & React Al Gore: Israel should lead the way in renewable energy Responses: 85 Olmert to U.S.: Impose naval blockade on Iran Responses: 67 Akiva Eldar: If Israel wants peace, it must bolster Fatah Responses: 10 Opinion: The demise of the European left Responses: 10 Rosner's Domain 5 questions: Does Israel need rescue? Hyping the threat from Iran (WTR) Poll: Meeting the president of Iran - good or bad? Guests: In regard to Hezbollah, Israeli deterrence works "Controlled Unclassified Information" and the AIPAC trial (WTR) More Headlines 11:08 Olmert: I hope Abbas does not quit before peace talks progress 10:33 Olmert to U.S.: Impose naval blockade on Iran 10:44 Rival Lebanese leaders seal deal to end 18-month crisis 09:09 Egypt still trying to commit smaller factions to cease-fire 10:30 In countdown to Champions League final, Avram Grant faces the test of his life 10:00 Hungarian-born Australian denies guilt in 1944 war crimes 08:10 Police to question Olmert in Talansky bribe case Friday 09:13 Obama wins Oregon, moves to brink of Democratic nomination though Clinton wins Kentucky 02:58 PA forces in Jenin have shifted gears, striving to disarm Hamas 07:53 Al Gore says Israel should lead the way in renewable energy 10:00 Demjanjuk not to be deported unless extradition is requested Previous Editions Select Day 20 may 19 may 18 may 16 may 15 may 14 may 13 may 12 may 11 may 09 may 08 may 07 may

Special Offers Advertisement Dead Sea Products Buy Dead Sea mineral skin care and beauty products. Coupon code Haaretz for 10% off. Istudy Learn Hebrew in 3 months The Terraces Your Ultimate Coastal Address On Nitza Boulevard, North Netanya Together Celebrating Israel's 60th The Jewish Agency and You - together making history Pardes Institute Summer Sessions http://www.pardes.org.il/ Free the Palestinians from: Corrupt Kleptocracy, Tyrannical Theocracy, Abysmal Anarchy Fattal Hotel Chain Perfectly located hotels on best resorts of Israel. ISRAEL BONDS Build Israel Israel bonds - a multi-purpose way to celebrate Israel's 60th Eldan Rent a Car Israel's leading car rental company offers you a 20% discount on all online reservations Junkyard Junk a car - get free towing nationwide and a tax-deductible receipt

Home | TV | Print Edition | Diplomacy | Opinion | Arts & Leisure | Sports | Jewish World | Underground | Site rules |

Real Estate in Israel

Haaretz.com, the online edition of Haaretz Newspaper in Israel, offers real-time breaking news, opinions and analysis from Israel and the Middle East. Haaretz.com provides extensive and in-depth coverage of Israel, the Jewish World and the Middle East, including defense, diplomacy, the Arab-Israeli conflict, the peace process, Israeli politics, Jerusalem affairs, international relations, Iran, Iraq, Syria, Lebanon, the Palestinian Authority, the West Bank and the Gaza Strip, the Israeli business world and Jewish life in Israel and the Diaspora.

© Copyright  Haaretz. All rights reserved