Commercial Brokerage Firms NYC

More national brands launch NYC commercial shops, but breaking into the upper reaches of the sector can still be a pipe dream

(Illustration by Dean Rohrer)

UPDATED, March 19, 2:33 p.m.: Winning the assignment to lease up a trophy Midtown building is a brass ring for any brokerage. Not only can it generate millions of dollars in commissions, but it also serves as a towering billboard announcing a firm’s place in the upper echelons of the commercial world.

Last year, HNA Group was dangling one of those trophies: 245 Park Avenue, which it had recently purchased for $2.2 billion.

The commercial industry’s Big 3 — CBRE, Cushman Wakefield and JLL — were all invited to pitch the Chinese conglomerate. But another, more under-the-radar firm was also in the mix: Avison Young, the Canadian firm that’s been trying to muscle its way up New York’s brokerage food chain since launching in New York seven years ago.

“We were at the table pitching that,” said Mitti Liebersohn, president and managing director of Avison’s local office.

While HNA never selected a firm in 2017 (it is now once again looking to sell the tower under pressure from the Chinese government), for Avison, getting the invite was significant — a sign of the inroads it’s made here, even if it has yet to break into the top ranks of the brokerage world. And, perhaps more importantly, the firm is not alone in its quest to make a name for itself in New York.

In the years since the Great Recession, at least six brokerages with strong track records in other parts of the country — from Hodges Ward Elliott to 阿爱上海同城 阿拉爱上海同城Transwestern to Berkshire Hathaway — have launched in New York, with varying degrees of success.

But getting a piece of the pie here is easier said than done: Competition is fierce, and the landscape is dominated by a few major firms.

Eastern Consolidated’s James Famularo put it bluntly: “If you’re relevant somewhere else, i上海千花网交友 上海千花网论坛t doesn’t necessarily mean you’re going to be relevant here in Manhattan.”

“It takes years to establish a name here, and unless somebody has the bandwidth to actually spend a lot of money for a really long time, they’re not going to get market share,” he added.

Joe Harbert, president of Colliers International’s New York office, echoed that point. “There’s a limited amount of capital and a limited number of people who have it,” he said. “There’s probably only ever going to be five or six or seven teams of any substance, even in a market like New York.”

Foot in the door

Hodges Ward Elliott, which is based in Atlanta, took the plunge into the New York investment sales sector in 2015.

The company has long been a major player on the hotel brokerage scene both nationally and in New York. It 2015, for example, it brokered the $805 million mega-sale of the 899-room Lotte New York Palace at 455 Madison Avenue.

But the three-year-old New York operation is attempting to go beyond the hospitality niche.

Will Silverman, who left Savills Studley to launch the firm’s investment sales practice h[……]

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Manhattan Townhouse Sales

Home values in formerly redlined areas still lagging behind A weekly feature bringing you the industry’s latest intel

Harlem townhomes (Credit: Getty Images)


Sales | Zillow

The value of homes in formerly redlined neighborhoods still lag behind other areas. In December 2017, the median value of a U.S. home in a redlined district stood at $276,199, 14.9 percent less than the $324,489 in non-redlined areas. The disparity was less pronounced in Manhattan. During the month, the median value of a home in a redlined area stood at $1,778,488, which is 4.4 percent less compared to the $1,860,758 for non-redlined neighborhoods. Read the report here.

Sales | Leslie J. Garfield

Between April 8 and 22, Manhattan posted only two townhouse sales and no signed contracts. The most expensive sale was for 43 West 87th Street, which sold for $6.95 million. A total of 34 townhouses went on the market during the period, generating a total asking price of $318.6 million. The pace of activity was the same in Brooklyn, which saw two sales and one signed contract. Read the report here.

Sales | Olshan

There were 37 contracts signed in Manhattan at $4 million and above during the week o爱上海 爱上海同城手机版f April 16 to 22. The total is tied for the highest for the year, matching the figure from February 12 to 18. The top contract for the period was Unit PHE at 155 West 11th Street in Greenwich Village, which sold with a last asking price of阿爱上海同城 阿拉爱上海同城 $17.8 million. Read the report here.


2018 Effective Rent Index | Savills Studley

Downtown Manhattan ranked first in the country in terms of concessions package上海千花网 爱上海同城对对碰s in 2017. During the period, the value of incentives such as free rent and tenant improvement allowances rose by 24 percent year-over-year to $129. The decline dragged down the area’s tenant 上海夜网 阿爱上海同城effective rent, which is defined as total gross rent minus concessions. For the year, that metric stood at $39.47, down 7.8 percent from the previous year.

Tags: Commercial Real Estate, nyc market reports上海贵族宝贝交流区 上海贵族宝贝论坛, Residential Market Report, Residential Real Estate
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Hamptons Home Sales

Debunking Hamptons pricing: Where can you get the best mansion deals? Analysis tries to bring order to the chaos

A Sag Harbor mansion (Credit: Matthew Korn Architecture)

Buying in the Hamptons is not exactly a science: Prices don t obey the regular rules of the market.

Because homes in the Hamptons are often second-homes for summer getaways, the prices don t always adhere to usual indicators, like size and location. Still, using data from Zillow, Bloomberg looked at sales in six major Long Island vacation destinations from May 2017 to May 2018 — in an attempt to find where the best deals are located. According to the analysis, Sag Harbor was the most expensive of all the areas with a median price per square foot of $1爱上海同城手机版 新爱上海同城对对碰论坛,297. Bridgehampton followed with a median price per square foot of $871, and Southhampton was third with $706. After that was Westhampton Beach with a median price per square foot of $684, Shelter Island with $548 and Hampton Bays with $388.

The high prices in Sag Harbor could be attributed to particularly 新上海贵族宝贝论坛 上海贵族宝贝交流区expensive homes that recently sold along the waterfront. Still, for to $2 to $3 million, a buyer can get a small cottage on maybe a quarter of an acre that needs work, said Mala Sander, a Corcoran broker who’s based in Sag Harbor. On Shutter Island that money can take you much further: three-quarters of an acre, with about a 6,000-square-foot house in mint condition with a pool, guest cottage, and garage, said Se爱上海 爱上海同城手机版th Madore, a br新上海贵族宝贝论坛 上海贵族宝贝交流区oker for Corcoran who is based on Shelter Island.

“I deal in the world of whims and wants, not needs,” he said. “It’s a second, third, fourth home market. The people here don’t need to sell, and the buyers don’t need to buy.” [Bloomberg] — Kathryn Brenzel

Tags: Residential Real Estate, sag harbor
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Real Estate Agent Commissions

(Credit: iStock)

When you re involved in a real estate transaction, do you assume that the realty agents are required to represent the best interests of the home buyer or seller with whom they are working?

The Consumer Federation of America recently posed that question to a national survey sample of adults, and 50 percent answered yes. Another 16 percent said yes, almost always. So two-thirds of consumers in the survey had roughly the same impression.

But a new report from the Consumer Federation an umbrella group representing nearly 300 local and state consumer organizations suggests that it s not necessarily so. The reality, according to the study, is that real estate agents often are not required by law to represent the interests of buyers or sellers. As a result, sometimes things can go seriously awry.

The study cites ongoing litigation in New York, where clients of a major realty brokerage firm have filed suit alleging that the company has stripped thousands of buyers and sellers of the right to employ an agent who is loyal to them and only上海龙凤论坛sh1f 上海龙凤论坛 them through its alleged misuse of dual agency. In a dual-agency situation, agents of a single brokerage purport to represent both sides of a transaction, the seller and the buyer. The broker and agents in these cases pocket the entire real estate commission rather than having to split it with a competing firm s agent.

The plaintiffs in the New York case claim that they were pushed into either paying tens of thousands of dollars more for a house or selling a house for much less than it was worth because the agents were working for the same broker an inherent conflict of interest designed to keep the full commission in house. They also allege that the realty company made it a practice to do large numbers of 100 percent in-house-commission transactions to maximize its revenues, despite the potential harm to its clients. Among other things, the company allegedly paid its agents bonuses when they brought in both sides of the commission. The brokerage has denied the allegations.

Dual agency is legal in 46 states, according to Finley Maxson, senior counsel for the National Association of Realtors. Typically the brokers or agents involved are required by state law to disclose the arrangement to clients, but the CFA says that rule is not always followed or disclosures are presented in a paperwork blitz and clients fail to focus on them.

Stephen Brobeck, author of the new report and immediate past executive director of CFA, says the vast majority of consumers don t understand the varying types of representation by realty agents. The key question they need to ask before agreeing to work with any agent, he says, is: Will you be representing us exclusively throughout the transaction and have a fiduciary duty to us? A fiduciary duty means that the agent is legally obligated to procure the greatest advantage for the client.

Among the common forms of representation examined in the CFA study:

Single agent. In this cas[……]

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One of Trump’s biggest donors is acc上海千花网论坛 上海千花网used of ripping off LA tenants Billionaire Geoff Palmer named in class action lawsuit

Donald Trump, Geoff Palmer and Downtown Los Angeles (Credit: Wikipedia)

UPDATED on Feb. 22, 2019, at 3:26 p.m.:  A lawsuit claims that billionaire developer Geoffrey Palmer, one of President Donald Trump’s largest donors, has denied apartment tenants across Los Angeles of millions of dollars in security deposits.

Palmer’s company, G.H. Palmer Associates, allegedly kept the deposits of some 11,000 former renters新上海贵族宝贝论坛 上海贵族宝贝交流区 illegally, NBC reported. The accusations were detailed in a class-action lawsuit filed by San Diego attorney Jimmie Parker.

Parker alleges Palmer’s company “systematically and in bad faith” retained deposits by failing to properly document charges.

Landlords are required by law to provid上海千花网 爱上海同城对对碰e reasons for keeping deposits when tenants move out. Instead, Palmer Associates justified withholding them using generic descriptions of “maintenance charge,” or “cleaning charge,” the lawsuit cl阿爱上海同城 阿拉爱上海同城aims. More than two dozen tenants had previously sued Palmer for unwarranted charges.

G.H. Palmer Associates did not respond to The Real Deal’s request for comment.

The firm controls some 11,600 apartments and is worth $4.5 billion, according to its website.

Palmer has been one of Trump’s largest donors, contributing millions to his legal defense and campaign, including at least $6 million to the Rebuilding America Now political action committee, which is reportedly under investigation by special counsel Robert Mueller.

In 1991, Palmer was charged with paying employees to donate to a campaign that opposed the incorporation of what is now Santa Clarita. He has since also been involved in lawsuits over development projects and affordable housing, including one lawsuit for demolishing the last cottage in Bunker Hill. [NBC] —Gregory Cornfield

Tags: Geoff Palmer, Re, trump
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Assa Properties

The fault in our stars: Solly Assa sues soothsayers at NoMad hotel MAve Assa Properties wants $870K in damages

Assa Properties Solly Assa  and 62 Madison Avenue in a crystal ball (Credit: Getty Images, 新爱上海同城对对碰论坛 上海同城对对碰交友社区iStock, and Google Maps)

It was a scheme Assa Properties didn’t see coming.

A group of fortunetellers, psychics爱上海同城论坛 爱上海同城 and other oracles rented out space at the luxury MAve Hotel in NoMad but allegedly conspired to never pay rent there. And Assa Properties isn’t letting them off the hook.

The firm, headed by Salim “Solly” Assa, has slapped a lawsuit on the soothsayers for allegedly conning the hotel into reassigning first-floor commercial space among different people who are insolvent. And Assa Properties wants close to $870,000 in skipped rent, late fees and damages.

MAve Hotel at 62 Madison Avenue (Credit: Google Maps)

The defendants, described in the complaint as a group of soothsayers, fortune tellers and psychic readers” who hail from Florida and New Jersey, could not be reached for comment.

They don t want to pay rent so we ve got to take them to court, Assa said.

A couple of years ago, a psychic named Julia Stevens took over the lease of the kiosk at the hotel. She was described to the hotel’s owners as 爱上海同城对对碰 爱上海同城论坛a “relative” of the former lessee, Anthony Miller, and she was going to use the space for psychic readings, according to the complaint, which was filed Monday in New York County Supreme Court. The rent was $45,000 a year for five years, and that price would bump up annually.

Late last year, Stevens also leased out the hotel s larger corner store, with a rent of $144,000 a year for five years. That rent was also set to escalate each year. But apparently Stevens’ adult daughter, Amelia Stevens, had her own company — whose pur阿拉爱上海同城 爱上海龙凤419桑拿pose is not spelled out in the complaint — and was going to be using the space instead, with Amelia serving as the lease’s guarantor, the complaint states.

Amelia Stevens cut a check for a security deposit and two months’ rent, and she paid rent as scheduled in November and December, according to the complaint.

Then, things soured. In January, Julia Stevens took over the lease for the corner store, and another person, Samantha Stevens, got the kiosk (the complaint also doesn’t say if they are related or what the spaces were used for). The rent hasn’t been paid since, though they both allegedly showed financial documents proving they could handle the rent, according to the lawsuit.

So why get the hotel to turn over the leases and guarantees to people that, at least according to the complaint, couldn’t pay up? Because then they would defau新爱上海同城对对碰论坛 上海同城对对碰交友社区lt on the rent, and the group would get a few months of free rent, the complaint alleges.

The 12-story MAve Hotel, located at 62 Madison Avenue, has been in the news before. In 2016, the city was paying thousands of dollars a month to house homeless families at the luxury property. The city also had sued Assa, accusing him of illegally running hotels out of fou[……]

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Irdeto publishs Denuvo to turn over contest of report of cogged technology antagonism cogged behavior

On GDC 2019, irdeto of company of famous and safe service announces Holand message, the company will roll out his to turn over cogged measure particularly to protect video game / electronic athletics spares cogged enroach on, should turn over cogged technology to name for Denuvo Anti-Cheat. According to the news that announce, denuvo Anti-Cheat measure can prevent cribber from other sport operate over there the player / extraction data or code come benefit. Denuvo last year the beginning of the year is bought by Irdeto, irdeto sortie safety serves a domain to had entered 50 years, its security service built 5 billion equipment and APP, there is no lack of among them famous brand of a few worlds. But Denuvo is prevented distort the technology is in the performance on your work of a few PC is not good recently, many work are captured namely after PC platform rolls out a few days, also choose to move after many manufacturers besides Denuvo, additionally still Denuvo is prevented distort the view that the technology can affect game to run function. This turn over cogged measure to will use the character of newest hardware safety that offers by Intel and AMD, cooperate ” magnanimity of game agnosticism process ” (Game-agnosticprocess Metrics) machine study technology, the biggest sex that will assure cogged problem is explored and do not have sign up for a problem by accident. Additional, the company still shows this one skill and can not affect game to operate an experience, its are not the working flow that invades type to report the method also won’t affect developer. Differ with other and similar product, denuvo Anti-Cheat moves with rock-bottom code means directly, source code of program of and rather than, OK and direct conformity establishs technological process to the product in. This one technology also won’t disturb Debug, manage a tool, and do not need API and SDK development kit. [……]

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” branch road traveller ” PC edition new prevue shows success of the challenge inside game

Square Enix will pass Steam very quickly its the JRPG of classical style ” branch road traveller ” take PC platform, they may have realized a lot of people had played this game on Switch. Hold the person of wait-and-see attitude to encourage those, issued business to release the new prevue with a quite interesting topic. This paragraph of video besides revealing game to play law and lovely artistic design, still introduce a player to be able to achieve a few success, these achievement suit a player to have game of many weeks of eye very much. Still have a few interesting demands, finish game with a part only for instance (this has challenge sex very much, but the optimal way) that I do not decide to whether this is to enjoy game, still have a few main achievement, for instance the biggest change all part level and solution locks up all secret professions. Basically, the information that video transmits is ” branch road traveller ” it is a large game, although you are on Switch,had played so, also may have a few businesses that you had not done. ” branch road traveller ” will roll out in PC platform on June 7.[……]

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F of heroic late evening

Palace announced the dream austral 10 thousand generation to be aimed at a few days ago ” emperor card air battle 7 ” conduct propaganda piece show a plan, the company will roll out a series of type introductions to publicize piece, every nearsightedness frequency introduces a kind of model, add up to 15 kinds. The company had announced 5 before, introduced opportunity for combat of famous U.S. Army air battle to represent ” battleplan of F-15C eagle type ” , Ou Shi is represented ” EF-2000 typhoon battleplan ” , ” F/A-18F ” MiG-31B of delegate of type of carrier-borne combat attack plane, Russia, and A-10C of right heavy-duty attack plane, of course the type that these opportunity for combat still are enlisting in army at present, the F-14D that introduces this is to already retired opportunity for combat. Battleplan of F-14 tomcat type (F-14″Tomcat” Fighter) it is a supersonic speed air that American navy ever used actor and long Cheng intercept use carrier-borne battleplan. For double hair jet, alterable swept back wing and double empennage, two-seater is configured, by Gelumen the company contracts development is made, be in charge of technically be fleet defense task of the center with aircraft carrier. First F-14 1970 test-fly, enlist in army formally 1974, regard American aircraft carrier as in order to replace opportunity for combat of F-4 phantom type the defense of the fleet. Is F-14 enlisting in army did later period ever increase low altitude navigation and demarcate of nightly infrared ray? Cabin, have stock basic atttack ability rightly accurately. F-14 enlists in army 32 years in American navy hind, retired formally on September 22, 2006, by F/A-18E/F super bumblebee type hits battleplan place to replace. The F-14 of last model is F-14D, following F-14B is to change euqally used F110 engine. Cockpit is comprehensive also vitrification, increased two muti_function monitor, radar converts APG-71 radar, make explore a distance effectively to increase to 370km. F-14D serves as the delegate of alterable swept back wing and double empennage, the appearance that cruel dazzles is mixed in work of much money animation had appeared in electronic game, the robot animation with river dark for instance classical normal treatment ” overtime empty fastness ” medium leading role brightness drive take the place of first prototype of spirit of female military of VF-1 of alterable form fighter-bomber is F-14D. The every other after Gong Zhi of the dream austral 10 thousand generation still can roll out new video two days, time is in December 6, 8, 11, 13, 15, 18, 20 with 22 days, intermediate year end can quit period of time, later January 8, 10, 12, 15, 17 still can continue to reveal with 19 days. These video will emphasize particularly on the characteristic that reveals every kinds of opportunity for combat, flight effect. ” emperor card air battle 7 ” will land PS4/Xbox One on January 18 at next year, landed PC platform on Feburary 1.[……]

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Unplug father’s younger brother learns bad: Know ” death is hard and fast ” a lot of secrets but cannot say

Recently the film is on Reddit ” arctic ” opened question and answer is interactive in the activity, this main actor ” unplug father’s younger brother ” Mads Mikkelson was asked about about ” death is hard and fast ” relevant matters concerned. To ” death is hard and fast ” problem, if if speak out known thing,he上海贵族宝贝论坛 上海贵族宝贝 expresses himself, answer the reaction that comes from isle atelier and Suo Ni respect. “I know a lot of things. But if I speak out, can very quickly 6 strong Japan big fellows look for me爱上海同城论坛 爱上海同城. ” so he上海贵族宝贝 上海千花网龙凤论坛 lets us know at least, ” death is hard and fast ” had had a lot of content, just the staff that all participation is in keep secret strictly. Or, say ” 6 J爱上海同城手机版 新爱上海同城对对碰论坛apan big fellow ” be some kind of clew? A certain theme in game and number 6 about? Everybody can develop an imagination to the top of one’s bent, but need notices to adapt is not to be made up in disorder新上海贵族宝贝论坛 上海贵族宝贝交流区, warning of offer an apology上海千花社区 上海千花网交友. Current, ” death is hard and fast ” had announced a lot of conduct propaganda video, but have not fix date of put on sale. [……]

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