Page 56 - The Way to the Top

that week, which I did. Next, I explained it to three serious men from the
underwriting banks, and later explained it to the even more serious men

from the lead lender, Chase Manhattan Bank. And finally I explained it to
the most serious men of all from the Equitable Life Insurance Society of
the United States, the majority investor. They all seriously liked it.

By the fifteenth of January, my last-ditch plan to save my business was
in full swing.

“Here’s how it works,” I said to Esther Kaplan (The Corcoran Group’s

Vice President) and to one of my best agents, Tresa Hall. Tresa had agreed
to be the project’s Sales Manager. “I’ve priced all the studios at $49,500,
all the one-bedrooms at $99,500, and all the two-bedrooms at $165,500.”

“Even the high floors?” Esther interrupted.

“Yes, high floors, low floors, front apartments, and back apartments, all
priced the same. Apartments with views or no views, those with new
kitchens, old kitchens, or no kitchens at all, all priced the same!”

“But how’s that possible?”

“I added up all the original asking prices, divided by the number of
units in each building, and then deducted ten percent, because that’s what

people would have negotiated off the price anyway.”

Esther shifted slightly in her chair.

“And I’ve also taken away every objection that a buyer could possibly
have. There’s no board approval needed and one of the banks with a big

stake in the building has agreed to provide the mortgages. Also, there’ll be
no monthly maintenance charges for two whole years! None.”

“None?” Tresa repeated. “But that’s crazy! Who’ll pay the maintenance
each month?”