Jeff Gural steps down as chairman of Newmark Knight Frank

Newmark Holdings is also changing its name

TRD New York /
Oct.October 02, 2017 11:55 AM

Jeff Gural

Jeff Gural is stepping down as chairman of Newmark Knight Frank as the company
readies for its initial public offering.

The move is part of a larger effort by the Gural family to differentiate its business from the commercial real estate firm. The family’s firm, Newmark Holdings, is changing its name to GFP Real Estate to eliminate confusion between the company and its affiliate, Newmark Knight Frank, the company announced on Monday.

Though Gural said it’s a little disappointing to shed a moniker that the company’s used since the 1950s, the new name — which stands for Gural Family Partners — will make clear that the company is separate from Newmark Knight Frank.

“I think it’s more important that there’s no confusion. People know the Gural name. Most people in the industry know that Newmark doesn’t own the buildings, but [confusion] does sometimes happen,” Gural said. “Hopefully, it won’t happen anymore.”

GFP is a landlord and management firm run by the Gural family, whose properties include the Flatiron Building, the Film Center Building at 630 Ninth Avenue, 1560 Broadway, 40 Worth Street and 515 Madison Avenue. Gural will remain principal of GFP and will take on the role of chairman emeritus of Newmark Knight Frank.

Newmark’s parent company, Howard Lutnick’s BGC Partners, announced in February that it planned to spin off the brokerage as a separate company through an IPO. In May, Newmark Grubb Knight Frank dropped the “Grubb” from its name.

Newmark’s loan and leasing operations in New York have been strong, but the brokerage has struggled to gain ground against competitors in investment sales, as The Real Deal reported earlier this year.

Related Articles

Fathom Holdings CEO Joshua Harley (Credit: Fathom)

Virtual brokerage Fathom Holdings files for IPO

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident