The Real Deal New York

The Real Deal’s January issue is live!

Inside: Real estate's bro culture, the GOP tax overhaul, the management shakeup at Elliman, and NYC's top construction lenders
January 02, 2018 02:25PM

The Real Deal’s January issue

Following the torrent of accusations against Harvey Weinstein and powerful men in other industries, relations between men and women in the workplace have come under heavy scrutiny.

With this in mind, The Real Deal closely examined the gender makeup of some of the city’s largest real estate companies. Based on a TRD analysis of state licensing data and company websites, the divide appears most pronounced in commercial brokerage and development. This month’s cover package also delves into the industry’s entrenched bro culture — from sexist comments to after-work partying at strip clubs.

“As long as the developers are 100 percent male and hugely successful and powerful and building tall towers, I don’t think you are going to see that much change,” residential brokerage veteran Barbara Corcoran said. “Because to get in that position, they have to have a huge ego with no aversion to risk. So you are setting the stage for a personality type.”

This month, TRD also spoke to experts about the GOP tax overhaul and what it will mean for the industry. The commercial sector is rejoicing, but the reductions in deductible property taxes is expected to send the residential market downhill.

The issue takes readers inside the drama-filled management shakeup at Douglas Elliman. With the promotion of Scott Durkin to president, rumors have swirled that CEO Dottie Herman is on her way out, though Chairman Howard Lorber and Herman herself denied she’s leaving. Other top executives were also nonplussed about Durkin’s ascension, sources said.

TRD also ranked NYC’s top commercial lenders, based on data filed with the city’s Department of Finance between October 2016 and September 2017. Deutsche Bank topped both lists for construction and non-construction mortgages.  

To read the January  issue of TRD, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! — Kathryn Brenzel