Christie’s makes new dev bid with Reuveni partnership

Christie’s International Real Estate Group is adding to its New York City push with a foray into new development.

The residential brokerage has partnered with Reuveni Development Marketing in what the firms said is a bid to pair Shlomi Reuveni’s connections with developers and Christie’s global brand recognition for an enticing pitch as competition heats up for dwindling supply.

Reuveni is also joining Christie’s as chief strategy officer, where he’ll advise on business development, brand growth, expansion and agent recruitment. 

Christie’s re-entered the Manhattan market in January, two years after Chicago-based brokerage @properties bought Christie’s New York City real estate operation. The tri-state affiliate acquired Manhattan operations in the deal before opening a flagship office.

Christie’s lists more than 30 agents as part of its New York City office. Reuveni has a team of 14, including corporate employees.

“We’re talking today about expanding with some new offices,” said Christie’s president and CEO  Ilija Pavlovic. “Shlomi will be a very important part of that growth.”

Reuveni last year partnered with Coldwell Banker Warburg, a venture which was “terminated amicably and mutually” in September, he said, adding the partnership ending was not related to his new partnership with Christie’s. A spokesperson for Coldwell Banker Warburg said the company “extends our best wishes” to Reuveni’s firm and is continuing its new development work.

The United States could be the center of refreshed demand and a target for capital amid political tensions elsewhere in the world, according to Reuveni. New development in particular is ripe for attention from buyers around the globe, including India and the Middle East, who could set their sights on New York.

“Anywhere you look, South America, Middle East, Europe, Asia, people are concerned about the social and political [situation],” Reuveni said. “I think in the next 12 to 24 months we’re going to see a huge migration of capital from all these different areas into New York.”

But the Big Apple might have trouble capitalizing on a swell in demand from investors.

It’s a difficult time for new development in the city after the June 2022 expiration of the 421a tax incentive. Only 13 multifamily building permits were filed in Manhattan in the first six months of the year, according to REBNY, the lowest number since 2010.

Quarterly filings fell citywide by 30 percent year-over-year. In all, the projects are slated to produce about 3,100 apartments, a 60 percent drop from 2022.

This article has been updated with a statement from a spokesperson for Coldwell Banker Warburg.

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