The Real Deal New York

We ranked the 10 biggest new-development marketing firms by closed sales

Corcoran once again claimed the top spot
By Konrad Putzier | August 31, 2017 07:30AM

Source: TRD analysis of sponsored sales in new development buildings that closed between June 1, 2014 and May 31, 2017 in Brooklyn, Queens and Manhattan. Only buildings with a price-on-acceptance of $20 million or MORE were considered. To qualify as a new development, the offering plan on the building must have been effective AS of Jan. 1, 2010. Any buildings that were effective before that date were not considered, unless a later amendment showed a new sponsor and sales offerings of at least $20 million. No re-sales were considered: Brokerages must have demonstrated that they were the sponsored agent on the building for their sales to count. TRD analyzed deeds recorded in ACRIS, listing credits in StreetEasy and OLR, and documentation from firms to assign credit.

For all the uncertainty in the market, The Real Deal’s latest ranking of new-development firms, in many ways, reflects our previous rankings — though this time around we’ve included projects in Brooklyn and Queens, where new condos have sprouted like weeds in the last five years.

The top firms on the ranking closed a combined $20.62 billion in new development condos in the last three years.

Once again, when analyzing closed sales, the Corcoran Group came out on top.

The firm — which has long been the most dominating force on New York’s new-development brokerage scene — closed $9.13 billion in new-condo deals during the three-year stretch between June 1, 2014 and May 30, 2017. Those deals were sealed at megaprojects including the 145-unit 56 Leonard, where a penthouse recently sold for $48 million, and the 123-unit Halcyon.

Clocking in at No. 2 was Douglas Elliman with $5.92 billion in closed sales during that same time. Its most high-profile assignment was CIM Group and Harry Macklowe’s 432 Park Avenue.

Elliman was followed by Stribling Marketing Associates at No. 3 (with $1.48 billion), Halstead at No. 4 (with $1.11 billion) and CORE at No. 5 (with $928.8 million).

Brown Harris Stevens ($558.7 million), Sotheby’s International Realty ($443 million, Compass ($417.6 million), Town Residential ($388.5 million) and Modern Spaces ($251.1 million) rounded out the top 10 list.

There is a clear divide between the haves and have-nots: Corcoran and Elliman accounted for a staggering 73 percent of the top 10’s combined sales over the period.