The Real Deal New York

Posts Tagged ‘NYC Brokers’

  • Brokers’ polar vortex plan of attack

    February 07, 2014 02:55PM
    Union Square in the snow

    Union Square in the snow

    Despite winter weather’s tendency to shutter offices and cripple public transit, a few flakes can actually be a boon to well-prepared brokers and sellers. [more]

  • Sellers go solo in tight market

    September 09, 2013 05:58PM

    High demand is enabling homeowners to go it alone and sell properties themselves, if the price is right. But more easily unloadable condominiums are generally more manageable for sellers than co-ops. [more]

  • From the January issue: With the luxury residential market booming, expensive rentals have recently been in higher demand than ever — getting snapped up faster than usual and, in some cases, sparking bidding wars. Manhattan rents were at an all-time high this past year even as Citi Habitats’ third-quarter rental market report, the most recent data available at press time, showed the historic rental highs that occurred between January and August had plateaued during 2012’s third quarter (see related story: Manhattan sales volume perks up). While in the past rentals were considered a less-prestigious (and lower-paying) sector of the brokerage business, six-figure rental deals have changed that, and a number of high-end brokers have found themselves focused on rentals. [more]

  • From the December issue: Foreign interest in New York real estate is at an all-time high, thanks in part to the continuing debt crisis in Europe and growing wealth in countries such as Brazil. But for foreigners, navigating the New York City market alone can be daunting. Instead of going it alone, international buyers often enlist New York brokers with ties to their home countries to help in their search for the perfect property. Brokers say many buyers prefer to work with a professional who speaks their language, knows their customs and understands how business is done both at home and in the U.S. In July, The Real Deal looked at the dos and don’ts of working with some of the most active groups of international buyers. This month, we look at some of the new New York City brokers who have become go-to agents for specific groups from around the globe. [more]

  • Brokering after Sandy

    December 12, 2012 10:00AM

    From the December issue: Hurricane Sandy — the worst storm to hit the Northeast U.S. in decades — sent Manhattan’s residential real estate brokers into a tailspin.

    In addition to lost power, water and heat at home, brokers were inundated with calls and texts from clients seeking to be relocated in the wake of the storm. The disruption in Manhattan pales in comparison, of course, to the devastation in parts of Brooklyn, Queens and Staten Island, where tens of thousands of homes were destroyed or damaged.

    But the storm’s effect on the Manhattan real estate market was dramatic nonetheless. [more]

  • Real estate players hit hardest by Sandy

    December 05, 2012 10:00AM

    From the December issue: It’s been more than a month since Superstorm Sandy hit NYC, but the aftermath is far from over. While much of the coverage has (rightfully) centered on the storm victims, this month TRD took a close-up look at how the storm has impacted the real estate industry — from the landlords who were hit hardest to the brokers who’ve found displaced residents new homes to the developers who are most likely to cash in on the rebuilding efforts. See: Surveying the destructionLandlord lossesBrokering after Sandy, and A storm’s silver lining?

  • Robert DiBiase

    One year after top commercial firm Massey Knakal Realty Services paid a $4,000 fine for failing to properly license its Brooklyn and Queens manager, the company has again slipped up in a similar fashion.

    The Midtown-based retail leasing, sales and mortgage brokerage introduced a new hire, Robert DiBiase, to its clients and the public on its website last week, describing him as managing director for the company’s Brooklyn and Queens divisions of the company. However, DiBiase does not have a broker’s license in New York, as is required by state law for a manager who will supervise agents. [more]

  • Nikki Field

    As Asiatic wealth and influence grows throughout New York’s real estate industry, brokers are increasingly mastering Mandarin, according to the New York Times. Nikki Field and Kevin Brown of Sotheby’s International Realty now travel to mainland China four times a year in order to court rich investors looking to store millions in New York properties.

    Chinese buyers are spending large sums of money on exclusive properties like Time Warner Center, 15 Central Park West and One57. [more]

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  • NYC’s best firms to work for

    September 04, 2012 10:30AM

    From the September issue: September marks the official end of summer — even if the thermostat says otherwise. This month, as real estate brokers bid adieu to the beach and return to the office, The Real Deal took a look at what they’ll find when they get there.

    Since most agents are independent contractors (as opposed to employees), their workplace happiness involves different factors than the average worker: For real estate agents, it’s less about salary, more about commission splits; less about vacation time, more about marketing support. [more]

  • Debra LaChance of Corcoran and Robert Knakal of Massey Knakal

    In the years since the market crash in 2008, a growing number of residential brokers have switched sides, and are now handling commercial deals, the New York Times reported. Although the market has improved since the crash, residential brokers are still seeking ways to enhance revenue flow. At the same time, many foreign purchasers, who do not see a difference between residential and commercial brokers, are giving them business.

    “If [foreign buyers] want to do a commercial deal,” Robert Knakal, chairman and founding partner of Massey Knakal, told the Times, “they will often choose to go with the same broker who sold them their apartment.” [more]

  • From left: Vornado chairman Steven Roth, SL Green CEO Marc Holliday and Tishman Speyer CEO Jerry Speyer

    From the June issue: New York City’s real estate press regularly chronicles which firms buy and sell Manhattan’s most prized office towers. But handicapping how much those trophy buildings actually throw off in cash from rents is another story.

    This month, however, The Real Deal did a first-ever ranking of which companies are generating the most income from their Manhattan office-building portfolios. [more]

  • Margaret Kelly, RE/MAX chief executive officer

    Confidence in the U.S. housing industry has returned, and as The Real Deal previously reported, bottoming prices and record affordability are bringing buyers back to the market. Now brokers are feeling the positive effects. Four out of five brokers say that they believe the housing market has stabilized and 70 percent say that prices are on their way back up, according to a national survey of 1,022 RE/Max agents cited by Property Wire.

    “For active real estate agents, this market is definitely heating up. They are witnessing a recovery across the country fuelled by home buyers and sellers taking advantage of a significant market opportunity,” Margaret Kelly, RE/MAX chief executive officer, said. [more]

  • It may be the best-kept secret in home real estate: For a couple of hundred dollars, a potential buyer thinking about writing a contract on an existing house can ask for a formal energy audit along with the standard inspection clause. That audit, in turn, can save the buyer thousands of dollars in future operating costs, and pinpoint the specific features of the house that need correction to improve efficiency. It might also be a tipoff to a sobering reality: This house is an energy guzzler. Either the asking price comes down, the seller fixes the problems, or I walk. [more]

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  • From left: Tal Alexander, Oren Alexander and Benjamin Seiter of Elliman’s Alexander Group

    From the April issue: In February, Oren Alexander, a 24-year-old vice president at Prudential Douglas Elliman, joined two other brokers to form the Alexander Group. While the name refers to Alexander himself, among the team members, he said it is also a quiet allusion to one of history’s best-known conquerors: Alexander the Great. “We’re all hungry,” Alexander said of his teammates, who are all under 31. “We don’t really have distractions in our lives. Our main focus is on our careers.” [more]

  • From the March issue:

  • Are renters ditching brokers?

    March 15, 2012 10:30AM

    Naked Apartments CEO Joe Charat (left) and Jay Signorello

    From the March issue: As New York City home-seekers well know, vacancy is low and rents are rapidly rising from their financial-crisis depths, while many landlords are no longer offering the generous concessions of the past few years. Ironically, this is actually bad news for rental brokers, some industry insiders say.

    Today’s rapidly improving rental market has caused some customers to balk at higher rents and disappearing OPs, or “owner paid” broker commissions, sources said, although not all renters fall into this category, particularly at the higher end. As apartment hunters look to save money, fewer of them are enlisting rental brokers to help find them homes. [more]

  • From left: MiMa, Susan De Franca, president and CEO of Prudential Douglas Elliman's new development marketing arm and Vickey Barron, Core Group managing director

    From the March issue: Jobs, jobs, jobs. For months, even years now, the topic has been front and center in the minds of many Americans, not least of all President Barack Obama and his Republican presidential rivals. Yet for New York City real estate brokers, getting an accurate picture of their corner of the job market is difficult, since most brokers operate more like small businesses than employees, and make a living based on commissions, not regular paychecks.

    This month, The Real Deal charted roughly 30 of the biggest personnel moves of the last year in the brokerage industry.

    Survival of the fittest

    Movers and shakers

    Are renters ditching brokers?


  • Cutting broker incentives in half

    February 16, 2012 10:30AM

    Cutting incentives in half - graphicFrom the February issue: During the worst depths of the real estate downturn, many Manhattan landlords paid brokers’ fees — usually the equivalent of a month’s rent — rather than asking tenants to pay them. That way, owners could quickly fill vacant units by advertising “No Fee” apartments.

    But now that practice — known as an OP for “owner paid” — is being replaced. Instead, landlords are paying brokers a commission equal to only half a month’s rent, in a sign of the rental market’s recent strength, brokers said. [more]

  • Broker babble under the microscope: VIDEO

    February 07, 2012 12:00PM

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    A screenshot of the video (click image to view)
    Real estate pros have been known to do their fair share of mindless babbling and the video after the jump, put together by the Real Estate Bloggers, shows just how much. Some brokers repeatedly force their business cards on home hunters, some wax lyrical on the superiority of the school district their listing falls within and others enjoy word play – “it’s not old, it’s retro.” And don’t get them started on appraisers… Click here for the video.

  • Brokers get grayer

    January 18, 2012 10:00AM

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    From the January issue: In 2008, 21-year-old Jared Seligman had sold some $40 million worth of real estate and gained fame for listing the Olsen twins’ Morton Square penthouse.

    And he wasn’t the only youngster flocking to residential brokerage during the mid-2000s. During the real estate boom, hordes of recent college grads entered real estate, hoping to cash in on the myriad six-figure deals taking place in Manhattan. [more]