The Real Deal New York

From the January issue: Just when it seemed like New York City had gotten past the string of brokerage closures that occurred early in the downturn, an abrupt shift in market conditions has led to a second round of shutdowns.But this time those closures are being offset with openings of new firms amid a general realignment of the city’s brokerage world.The most recent repositioning closely mirrors the new market landscape. In early 2009, the sales market was largely frozen, especially on the luxury end. In response, both large and small firms closed their offices. Several agencies shuttered entirely, including some with reputations for higher-end sales, like Coldwell Banker Hunt Kennedy and JC DeNiro. But as the market began its slow recovery, the closures stopped, and brokerages began renting new office space again. [more]