What Andrew Farkas deal means for EVO Real Estate and NAI
NAI Global member can market property for NY landlord in another state
Billionaire investor Andrew Farkas’ recent deal with Midtown Manhattan-based EVO Real Estate Group gives members of his global network access to one of the biggest real estate markets in the world — one in which NAI Global has yet to make a dent.
And for EVO, which is a rebranded avatar of Winoker Realty, access to NAI’s 165-brokerage network will give it global reach and allow it to market out-of-state property for its New York-based clients, EVO president Dana Moskowitz told The Real Deal. If EVO represents a New York landlord looking to lease a property it owns in Arizona, for example, a member of the NAI network there can assist.
The commission split between EVO and another NAI affiliate will depend upon the amount of effort put forth, Moskowitz said. For a 50/50 commission split, a NAI network member would market a particular non-local property and find the tenant, while an EVO broker would review offers and other options with the local landlord. In other scenarios, either the member or the EVO broker could receive the higher commission.
An New York-based company that owns a property in a neighboring state has been one of the first EVO clients to use the network, Moskowitz said, though she declined to identify the landlord.
EVO’s deal with NAI Global became official on Nov. 1. The firm’s 40-odd brokers are adapting to going beyond local, and hope “to build solid connections with members in other markets,” Moskowitz said. The firm has no plans to open any offices outside of New York.