Jeff Gural steps down as chairman of Newmark Knight Frank

Newmark Holdings is also changing its name

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

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

arrow_forward_ios
News of President-elect Biden’s $1.9T stimulus plan held promise for employment and economic activity. (Getty)

Real estate stocks hold gains even as market doesn’t

Real estate stocks hold gains even as market doesn’t
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)

The 10 biggest new project filings in NYC

The 10 biggest new project filings in NYC
Gov. Andrew Cuomo announced that a major development surrounding Penn Station. (Getty)

Cuomo adds housing to $51B Midtown West project

Cuomo adds housing to $51B Midtown West project
Alex Sapir (Getty)

Former Sapir employee accuses company of retaliation

Former Sapir employee accuses company of retaliation
229 West 43rd Street in New York and Two Westlake Park in Texas. New York and Texas are the states with the largest exposure to loans with appraisal reductions. (Photos via iStock; Google Maps; JLL)

What appraisal reductions mean for future losses on CMBS loans

What appraisal reductions mean for future losses on CMBS loans
arrow_forward_ios

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

Loading...