Done Deals: Back in business

Talk about boom and bust. When Corcoran's Sydney Blumstein, of The Blumstein Team, listed a FiDi one-bedroom in 2009, the price dropped to $645,000 as it languished on the market for a year without a buyer.

The 650 s/f loft at the white glove 150 Nassau condominium seemed to have it all. Granite kitchen, oak floors, built-in flat screen televisions and custom closets.

But, said Blumstein, no-one wanted to buy following the Lehman collapse.

"The owner worked out a deal with their tenant, who agreed to apply 50 percent of their rent toward the purchase price and sign a contract at $635,000, with a net effective purchase price at $620,600," recalled the veteran agent. When the buyer backed out of the deal and relinquished the apartment to another tenant, the owner was gutted - that is, until Blumstein listed it again, this time at $725,000.

That was in June and, within 20 days, the apartment was in contract and the sale closed last month.

"It's amazing how much the market has changed in four years," said Blumstein. Jean Lo, Cicada International brought in the buyer.