When Town Residential announced last month that it was shuttering its core resale and leasing businesses, the company’s head Andrew Heiberger pointed to high commission costs and a fiercely competitive recruiting climate. Town isn’t alone in battling these forces: Traditional residential brokerages are facing an onslaught of threats in the form of open data, tech startups and the cult of the star broker.
In this month’s cover story, The Real Deal dove into the challenges these firms are facing and how brokers are arming themselves in what some described as a “multi-front war.”
Elsewhere, the issue explores how and why litigation around condominium defects is rampant in the city and why the real estate industry regards Cynthia Nixon as a “nightmare” candidate. (Hint: She’s anti-421a and wants to strengthen rent regulation.)
A profile of Oxford Properties Group shows how the company — best known as Related Companies’ quiet partner on Hudson Yards — is stepping into the limelight by leading its first development project in Manhattan. Another story takes a look at Cornell Realty Management’s Isaac Hager and how he’s recovered since the recession to become one of the most active developers in Brooklyn.
To read the May issue of TRD, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! — Kathryn Brenzel