Management negotiators said one factor that pushed them to go higher than they wanted to was the tradition that the apartment building contract is patterned after the same union's contract for 30,000 office building workers.
Get an apartment owners contract that is "Pro" Owner The main clause that is in a pro owner contract is that the tenant has to have their own insurance in the case of a roof leak or other natural disaster.
If the purchaser is selling an apartment, a contract of sale for that may be required, along with an appraisal of worth and mortgages still held.
They already have more than $1 billion in apartments under contract, and their potential profit is $1.7 billion.
And there's new apartments in contract even higher than that.
That brings the total of apartments in contract up to 13, with another unit closed and one contract pending.
The Lotta had one out of 34 apartments in contract when the developers, Gal Sela and Eli Idi, decided to take the condos off the market in August 2008 and instead turned the building into a youth hostel.
Pam Liebman, president of the Corcoran Group, said the number of apartments under contract jumped 81 percent in the first quarter of this year, compared with the same period in 2009; it was lower, however, than during the peak in 2007.
Jonathan Miller, an appraiser who prepared the data for Prudential Douglas Elliman, said that the prices of apartments in contract declined 20percentt between August and December last year, with an abrupt drop in late September and early October.
Carrie Chiang, a broker at the Corcoran Group with two apartments in contract at the Plaza, said buyers had begun to realize that despite the building's "bad press," it was "New York's trophy, a building that nobody can ever build again".
