The party’s over at Manhattan’s two biggest residential and two largest commercial brokerages. Prudential Douglas Elliman and the Corcoran Group have joined the city’s two top commercial firms, CB Richard Ellis and Cushman & Wakefield, in pulling the plug on big seasonal events.
Instead, Elliman will donate funds to a charity while individual offices will still hold parties, said company president and CEO Dottie Herman.
“This is the first time in the 23 years I’ve worked for the company that there hasn’t been a holiday party,” said Helene Luchnick, who helms Elliman’s Downtown office.
Last year, Elliman enjoyed a “banner year — the best ever,” Herman said. The company celebrated accordingly, at The Pierre on Fifth Avenue at 61st Street. In 2006, the firm’s gala at Cipriani at 110 East 42nd Street featured sophisticated lighting, an ice sculpture and top-shelf food and booze.
“We’re in fine financial shape, but people are losing their jobs, even some here, so it’s not appropriate to have a huge party,” Herman said. “It’s a different world today.” The company will still hold its annual awards ceremonies in January.
At Elliman, “in years past, we used to spend $100,000 on our holiday parties,” said Paul Purcell, former president of Elliman and co-founder of New York City real estate company Charles Rutenberg Realty.
The Corcoran Group said it is being fiscally prudent as well. According to a published report, Pamela Liebman, CEO, said, “It’s not the time to waste money on a celebration.” She said holiday parties typically cost the firm well over $100,000.
In 2006, the Corcoran Group celebrated in style at its holiday party, when 900 people entered a simulated Roman palace, complete with scantily-clad actors in period costume.
The specter of the Grinch is overshadowing the season at other real estate and real estate-related companies.
One commercial broker, who asked to remain anonymous, said it was absolutely impossible to put a positive spin on the state of the market, although he’ll host 40 clients and employees at a Manhattan restaurant.
Nightclub broker Alex Picken of Picken Real Estate recalled last year’s party hosted by Winick Realty at Wild Salmon restaurant, complete with a DJ, food, drink and women dressed up as Santa’s helpers. This year, “there’s belt-tightening across the board,” he said.
Public relations firm Quinn & Co., which specializes in real estate, will spend the same sum as last year — $175 a plate — said the company’s president, Florence Quinn. This year, though, for the first time, the firm will gather at a client’s establishment rather than hold a holiday function elsewhere.
Manhattan-based law firm Herrick, Feinstein, which has a large commercial real estate practice, is also still spreading cheer as a necessary investment.
“For obvious reasons we’re keeping an eye on expenses, but we have no plans to diminish our social events,” said Carl Schwartz, head of the firm’s commercial real estate division. “They’re important for internal morale, good for our clients and, ultimately, good for our business.”