PNP Bullard
Summary of Negotiation
The participants of this negotiation are Downtown Inc., and myself as a representative of Jones & Jones. The situation is that Downtown acquired the Bullard property with the intent of preventing its destruction, and preparing it for sale to condominium developers. Downtown was able to relocate the majority of tenants, but legislation was passed requiring significant payouts to departing tenants. Downtown is facing a major issue of decreased cash flow while taxes are increasing, so they are seeking to sell as soon as possible. I represent Jones & Jones, a leading real estate firm, whose client is Absentia Ltd., and they are owned by a Bahamian blind trust that is in turn controlled by the Conrad Milton Hotel Group. The end goal is to acquire the property and maintain the Bullard name along with the brownstone buildings while turning the garden area into a hotel. Ideally the true identity and intention of my clients will be kept secret to prevent a serious price hike, as well as potential zoning issues.
Issues
The issues for my firm are to reach an agreement without revealing our client, or the intended use of the site. Reaching terms with Downtown shouldn’t be a problem. Our biggest issue will be getting the property rezoned. The issues for Downtown will likely be unloading the property as quickly as possible. Another issue for them will be the involvement of the Bullards, and their desire to maintain the history of the name and the buildings. My approach to this negotiation will involve gaining their trust, and presenting our intentions as aligning with theirs. The relational outcome is important to us since we intend to maintain use of the Bullard name. We cannot however be overly forthcoming with information, and must rely on leveraging our power of information and capital. Due to these issues we will attempt to reach an integrative solution where both parties are satisfied with the outcome.
Bargaining Range
My BATNA is to
The participants of this negotiation are Downtown Inc., and myself as a representative of Jones & Jones. The situation is that Downtown acquired the Bullard property with the intent of preventing its destruction, and preparing it for sale to condominium developers. Downtown was able to relocate the majority of tenants, but legislation was passed requiring significant payouts to departing tenants. Downtown is facing a major issue of decreased cash flow while taxes are increasing, so they are seeking to sell as soon as possible. I represent Jones & Jones, a leading real estate firm, whose client is Absentia Ltd., and they are owned by a Bahamian blind trust that is in turn controlled by the Conrad Milton Hotel Group. The end goal is to acquire the property and maintain the Bullard name along with the brownstone buildings while turning the garden area into a hotel. Ideally the true identity and intention of my clients will be kept secret to prevent a serious price hike, as well as potential zoning issues.
Issues
The issues for my firm are to reach an agreement without revealing our client, or the intended use of the site. Reaching terms with Downtown shouldn’t be a problem. Our biggest issue will be getting the property rezoned. The issues for Downtown will likely be unloading the property as quickly as possible. Another issue for them will be the involvement of the Bullards, and their desire to maintain the history of the name and the buildings. My approach to this negotiation will involve gaining their trust, and presenting our intentions as aligning with theirs. The relational outcome is important to us since we intend to maintain use of the Bullard name. We cannot however be overly forthcoming with information, and must rely on leveraging our power of information and capital. Due to these issues we will attempt to reach an integrative solution where both parties are satisfied with the outcome.
Bargaining Range
My BATNA is to