When building buyers are willing to spend big, they want a different perspective on their investments. For brokers at Itzhaki Properties, that means taking prospective buyers on helicopter tours of New York City. The commercial brokerage recently gave an international buyer a bird’s-eye view of the Domino Sugar Factory located on the Williamsburg waterfront.
“We had a very high-end group who wanted to buy in Brooklyn along the water,” said Erez Itzhaki, CEO and founder of Itzhaki Properties. “We rented a helicopter so they could see the sites much better.”
Taking helicopter tours for big building or property buys is uncommon. The majority of commercial brokerages in Manhattan say it’s not done often. However, firms like CB Richard Ellis and Eastern Consolidated use helicopters to take aerial shots of properties.
At $1,800 an hour, a helicopter tour can be a pricey way to get around. But it’s worth it when investors are willing to spend billions of dollars on a property.
“For a client that has a good relationship [with us], it will further business ahead,” said Barry Farchi, vice president of Itzhaki Properties, who was later reimbursed by the client for the ride.
“They wanted to get a feel for it in a different way since it was a unique property,” Farchi said. “It was an opportunity to present an international investment group with a special project.”
According to Itzhaki, an aerial tour of the property gives brokers a chance to sell the property in an impressive way.
“How can they envision the possibilities of a site [when they’re] stuck in traffic on the Williamsburg Bridge?” he added.
The helicopter tour did not result in a purchase by the clients.
According to Itzhaki Properties, the Domino Sugar Factory is not officially on the market for sale, though the client was looking to possibly make a bid.
The firm plans to continue using helicopters to show buyers unique properties.
“We’ll use helicopters again for the right client and the right property,” Itzhaki said. “Manhattan is about selling fantasies.”