Corcoran Gets Into Yacht Business

Housing boom or not, Manhattan is still just and island. Today's luxury brokers lack the sprawl of Florida or Southern California, where new McMansions extend for miles. So the Corcoran Group has a new solution for wealthy buyers in need space: buy a yacht. They are the first New York City brokerage company to dive headfirst into the boating trade, teaming up with Monte Carlo-based Edmiston and Company. "Corcoran has a wide-ranging, high-end clientele," said broker Wendy Maitland. "We both thought it would be mutually beneficial." Before today, Ms. Maitland had only two yacht listings on the Corcoran site, including one $35 million vessel belonging to Israeli investor Jonathan Leitersdorf (it's called the Tiara). Incidentally, for all your landlubbers, Ms. Maitland still has the listing for Mr. Leitersdorf's $20 million Greenwich Village loft (which made a notable cameo on Sex and the City). Corcoran has the co-exclusive listing on about thirty yachts, ranging in price from approximately $800,000 to $60,000,000. - Michael Calderone