In recent years, the real estate industry has done its best to stay afloat. The Young Men’s/Women’s Real Estate Association of New York, which provides networking opportunities for industry professionals, is taking that literally.
On a Friday afternoon last month, the group hosted its annual daylong kayak trip down the East River, guiding about 25 brokers and managers from Long Island City to Brooklyn Bridge Park and back. Always glad to stay, uh, current, TRD went along for the ride.
Departing at 8 a.m. from Long Island City, the group kayaked past the Domino Sugar Factory site, which developer Two Trees recently signed a contract to buy for $185 million. Led by the expert volunteers of the Long Island City Community Boathouse, they also paddled past Roosevelt Island to take a look at Four Freedoms Park, which is set to open this fall, as well as the site where CornellNYC Tech is slated to rise.
The route is different every year, explained organizer David Brause of Brause Realty, who started the tradition seven years ago and now co-organizes the event with Lindsay Ornstein, a principal at Transwestern. In addition to being a good networking opportunity, he said, the trip offers industry pros an opportunity to see New York City real estate from a new vantage point.
The tradition began when the Long Island City Business Improvement District approached Brause, asking him how to connect with the business community. “YM/WREA was looking for new ways to look at real estate, and from a kayak seemed like a great way,” Brause said. Proceeds from the trip go to the nonprofit Long Island City Community Boathouse.
This year’s participants hailed from companies like Trinity Real Estate, Winick Realty, Vornado Realty Trust and even the New York Post; real estate columnist Lois Weiss is a seasoned kayaker and has participated for the past several years.
After about two hours on the river, the group arrived at Brooklyn Bridge Park and dined at Grimaldi’s Pizzeria, where brokers chatted about cap rates and the deals they are working on.
“Kayaking is definitely a bonding experience,” said Michael Rudder of the Rudder Property Group, who was paired with Vornado’s Ron LoRusso. “You are spending hours with someone in a two-person kayak … that definitely helps when conducting business in the future.”