Yes She Candler? A Tale of Recession Brokering

Max Abelson — Tue, 24 Mar 2009 23:03:20 -0400

Earlier last year, Manhattan real estate broker Leighton Candler broke New York City’s co-op record when she sold the duplex penthouse at 1060 Fifth Avenue for $46 million. And she broke it again six months later when it flipped for $48,836,000. And she had three big listings poised to bring her yet more notoriety: Penthouses at 1020 Fifth Avenue and 1040 Fifth Avenue, plus Brooke Astor’s duplex at 778 Park.

But like everyone who deals in the world of overpriced, pine-paneled uptown real estate, Ms. Candler hasn’t fared perfectly.

Earlier this year, she lost the listing for the Astor duplex, whose tag had already gone down from $46 million to $34 million. It is now on the market for $29 million with Stribling’s Kirk Henckels. “It’s a very aggravating thing, but, certainly, I can understand,” she told The Observer in January. That month, her 7,000-square-foot penthouse duplex at 1020 Fifth Avenue was cut to $39 million, down from its original $50 million asking price. Three weeks ago, according to the listings Web site Streeteasy, her $43 million penthouse at 1040 Fifth Avenue, owned by Tina and Bill Flaherty, a zinc magnate, was taken off the market.

Last Thursday, it was listed again and at the same price. “It’s her understanding, and for that matter my understanding, that it’s never been taken off the market. I really think that’s most likely a computer glitch,” a spokesperson for Ms. Flaherty said. “She’s doing a great job.” Through that spokesperson, Ms. Flaherty added: “I have the highest respect for Leighton Candler and I think she’s doing an excellent job representing the apartment in this difficult market. There are few in the industry that both sellers and prospective buyers respect as much as Leighton. Unlike some brokers, Leighton has no hidden agenda and is completely trustworthy.”

Meanwhile, Ms. Candler’s listing at the Ritz-Carlton on Central Park South was cut from $35 million to $29.75 million late last week. The hedge fund executive who owns it, the same one who bought and sold the record-setting 1060 Fifth penthouse, paid $28.5 million for the terraced 5,894-square-foot condo last year, which means he will almost certainly take a loss.

But that’s not so out of the ordinary in today’s world of 5,894-square-foot real estate. And Ms. Candler, who would not comment for this story, will be O.K.: Late last week, she got the listing for art collector and mega-investor Glenn Fuhrman’s 5,022-square-foot condo at 515 Park Avenue. It’s asking $15.75 million.

mabelson@observer.com

Observer » Yes She Candler? A Tale of Recession Brokering

Yes She Candler? A Tale of Recession Brokering