Breaking down the barriers between residential, commercial brokers

New York /
Aug.August 15, 2012 12:00 PM

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.”

There are still challenges. As The Real Deal reported last month, the office leasing market remains slow, but rents in Midtown South are surging.

However, there is a bit of a learning curve for brokers on the residential side crossing over into the land of commercial transactions, with engineering and environmental studies, as well as J-51 tax abatement details factoring into the equation. [NYT] — Zachary Kussin


Related Articles

arrow_forward_ios
(Illustration by The Real Deal)
Americans bought 5.6M homes last year — the most since the bubble
Americans bought 5.6M homes last year — the most since the bubble
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
Randy Mastro and 21 East 83rd Street (Photos via Getty; Google Maps)
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...