From the October issue: Susan Tsang had already seen dozens of apartments by the time she finally convinced a landlord to rent her the $1,950-a-month Upper West Side studio where she lives today.
A doctoral biology student who grew up in Queens, Tsang earns a modest stipend. However, her family lives in Hong Kong, where she was born. And her roommate, who works as a receptionist and teacher, was back from a two-year stint in Japan, and had yet to earn a U.S. paycheck when the longtime friends began apartment-hunting.
This unique collection of circumstances combined to turn their hunt into a three-month marathon. It wasn’t until the Brodsky Organization took the rare step of allowing Tsang’s father to act as an international guarantor that she was able to sign the lease, she said.
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From the August issue: Many of the new firms now bursting onto the real estate scene promise the latest, greatest commission splits. But Edward Longley, a former City Connections Realty broker who launched the Hollingsworth Group last month, has a different approach.

“It’s not about the payout,” Longley told The Real Deal.

That may sound surprising coming from a five-year veteran of David Schlamm’s City Connections, one of the first real estate brokerages in the city to adopt a “100 percent commission” model.

But Longley, who named the new firm for his grandmother, said he has a longer-term approach. He envisions a boutique brokerage that operates more like a Fortune 500 company, with a clear corporate structure, salaries and profit sharing. He believes that when all is said and done, those strategies will generate even more income for agents than the high-commission-split models now popular in Manhattan. [more]

Clockwise: Amnon Hecht, 2336 Second Avenue and Brad Brigati (building source: PropertyShark)

In joining the legion of residential brokerage firms beginning to offer a 100 percent commission model, Titan Real Estate of New York is banking on volume for profit.

Titan’s model requires agents to pay Titan $375 for each deal in which they collect a commission of at least $2,000, and $250 for deals that yield less than $2,000. In addition, there’s a $475 monthly fee that covers office space and an advertising package (note: clarification appended).
“We don’t have much use for those $50,000-a-year agents,” said Amnon Hecht,
CEO of Titan. “We want people who are fed up with giving away their earnings, are
driven, and ready to work to pull in a quarter million dollars a year. That’s, literally,
why we called it ‘Titan.’” Hecht said he’s nearly doubled his agent stable at Titan, which operates under Hecht’s Hecht Group brokerage, from 36 to more than 70 since February, shortly after Titan launched and began offering the model. [more]

From left: Sotheby’s Kathy Korte, Peter Ashe founder Asher Alcobi, CB Richard Ellis’ David Pogue, Related Companies’ Charlotte Matthews and Barak Realty founder Barak Dunayer

Compiled by Lauren Elkies

In honor of Earth Day, The Real Deal checked in with some New York City residential and commercial real estate companies — from Sotheby’s International to CB Richard Ellis to Related Companies — to find out about their latest green initiatives. While a number of companies said their clients don’t seem to care about their green efforts, the firms do. Click here to see what the real estate companies said about their latest green initiatives, their most interesting sustainability efforts and their plans for Earth Day. [more]

Noah Rosenblatt, founder of UrbanDigs

Noah Rosenblatt, founder of Manhattan market trends analytics site UrbanDigs, launched a new flat fee buyer consulting service today. He said the service aims to help home seekers find properties’ true market value, and will then guide them through the buying and negotiating process, starting with the opening bid. Rosenblatt said the service is aimed at buyers who don’t trust brokers and want an independent advisor. “There’s a perception that there should be a little bit less conflict of interest, a little less incentive for the buyer’s broker to get the buyer to bid as high as possible and get the deal done and collect commission,” said Rosenblatt, who has continued to serve as a traditional buyer’s broker since leaving Halstead Property in 2009. “There’s a need for an independent consulting service.” [more]

From left: Barbara Fox, David Schlamm

Real estate brokers are becoming increasingly cautious with their listing descriptions to comply with federal, state and city fair housing laws, the New York Times reported. There is no official Department of Housing and Urban Development list of acceptable and unacceptable terms, and at one time that encouraged so much caution that the agency actually sent a list of phrases that were acceptable, including “bachelor apartment.” But as social sensitivities heighten, some brokers, including David Schlamm, president of City Connections, are wary of the phrases “bachelor pad,” “fisherman’s retreat” and “traditional neighborhood.” Barbara Fox of Fox Residential Group even refers to “family” — as in, a house is “perfect for families” — as the “f” word. [more]

Elliman’s Mark Menendez at the firm’s “concept” office at 4 Leonard Street

From the March issue: A latte to go with your apartment listings? That’s what some New York brokerages are starting to offer in compact new lounge-style storefront offices.

The spaces offer what some firms see as a model for accommodating virtual agents who normally work from home. They give brokers a place to drop in and do business without occupying an actual desk. Some have the trappings of a regular office — fax, copier and receptionist — while others rely on agents to bring their own mobile devices and computers.

“Paying for itself” is how Mark Menendez, director of rentals at Prudential Douglas Elliman, describes his firm’s “concept” office, which has been open for four months at 4 Leonard Street. Brokers can entertain clients in the 1,500-square-foot, loft-like space, which is outfitted with café tables and chairs. [more]

From left: 311 East 76th Street, 510 Amsterdam Avenue and City Connections’ David Schlamm (building photos credit: PropertyShark)

Brokerage City Connections Realty today announced tweaks to its business model and plans to open two new storefront offices housing up to 75 new “virtual” agents. City Connections founder David Schlamm said the firm will open 550-square-foot offices at 510 Amsterdam Avenue, between 84th and 85th streets, and 311 East 76th Street at Second Avenue. The new offices should be up and running by April 1, he said. They will be used primarily by 50 to 75 new virtual agents that Schlamm said he plans to hire over the next year, bringing the firm’s total to 200 agents. [more]

David Schlamm

City Connections Realty has launched its own Virtual Office Website, or “VOW,” the company announced today. The firm’s decision to launch the VOW, which allows clients to see listings outside of the company’s exclusive properties, comes on the heels of a widespread VOW trend in the industry. Last week, Fox Residential announced its VOW, while Prudential Douglas Elliman and Century 21 NY Metro launched their own versions of the listing platform earlier this year. While numerous brokerages have the program, David Schlamm, City Connections founder and president, said that he thinks his firm’s version stands apart from others. “It would have been easier and a lot less expensive for me to simply put one VOW on our homepage, but I didn’t think it would benefit out agents as much,” Schlamm said of the VOW, which can be accessed from each agent’s individual page. TRD

From left: David Arena, Elizabeth Stribling, David Schlamm and Barak Dunayer

In the wake of the financial crisis that ripped through the country, real estate pros did their best to keep their heads above water in 2009. As 2010 commences, The Real Deal asked a number of New Yorkers hailing from different parts of the real estate industry why they are glad 2009 is over. Click here to see what they said is their top reason. TRD

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