Coffee Talk: Extell’s Gary Barnett and Ryan Serhant

Developer, broker talk new development amid the pandemic

New York /
Feb.February 26, 2021 08:00 AM

You can count on Extell Development’s Gary Barnett not to mince words: The hard stop that the coronavirus pandemic put on construction last spring has been a “pain” for the construction industry, and it may take time for the new development industry to recover.

In an interview with The Real Deal founder and publisher Amir Korangy, Barnett predicted that the slowdown will go for another couple years. “There will be very little supply,” in the wake of the pandemic, Barnett said during the latest episode of Coffee Talk. “For a period of time — it could be another year, it could be two years, it could be three years — we’re going to see very little development going on.”

That may sound surprising coming from Barnett, whose firm is responsible for some of Manhattan’s most ambitious, expensive residential towers in recent history, including One57 and Central Park Tower on Billionaires’ Row. But he’s optimistic about what this means for the future.

“It’s good for the overall market, because we will absorb the supply that’s come on the market, and it will stabilize,” he said.

When the time came to find a brokerage for Brooklyn Point, Extell’s first condo in Kings County, Barnett placed his bets on “Million Dollar Listing” star Ryan Serhant, who recently left Nest Seekers International to launch his own namesake brokerage.

Why not go with a more established firm? Because in a sea of brokerages and agents, Serhant was “not just another pretty face.” Barnett recognized him as someone “who does the work,” with a fresh perspective on selling properties. “Ryan is someone who stands out from the crowd,” Barnett said.

The risk paid off: Extell and Serhant announced Brooklyn Point on Instagram Live and pulled out all the stops — “a ballerina, a string quartet and a million-dollar listing” — and Barnett said since the broker came on board, signed contracts have accelerated.

“I’ve always responded well to pressure,” Serhant said.


Related Articles

arrow_forward_ios
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Donald Trump and 40 Wall Street (iStock, Sterlfilms/Wikimedia)
40 Wall’s valuation chop means tax savings for Trump Org
40 Wall’s valuation chop means tax savings for Trump Org
FiDi condo supply is through the roof as workers delay office return. (Getty)
FiDi condo glut is through the roof
FiDi condo glut is through the roof
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
RXR Realty's Scott Rechler with 75 Rockefeller Plaza (Getty, David Shankbone/Wikimedia)
RXR Realty serves American Girl with a lawsuit
RXR Realty serves American Girl with a lawsuit
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
arrow_forward_ios

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

Loading...