Culture

 

Commercial Basis: Location Intelligence & the Future of Real Estate

12 June, 2017 posted by: CORE

Commercial Basis explores how technology, branding and demographic preferences are shaping office and retail real estate in New York City. As these forces break down the barriers from where we live to where we work and shop, Lead Commercial Specialist Alex Cohen assesses the impact on real estate values and opportunities.

The explosion of data collection from many newer sources, including mobile devices, car sensors, wearables, smart power grids, and drones has not yet fully infiltrated the real estate investment and location decision making process. But technology companies like Brooklyn-based CARTO are starting to usher in change. Founded in 2012 by a team of experts in geospatial development, big data analytics and visualization, CARTO organizes and maps data from multiple sources and allows its software users to access and capitalize on this information. For instance, in London, CARTO developed a live interactive mapping application of London’s residential markets overlaying annual home price changes, population growth, transit connectivity, active and future residential and commercial development and infrastructure projects and other datasets. To be able to visualize integrated data sets is what provides users a way to analyze trends and forecast (and map) growth in property values and other key indicators.

As retailers face the headwinds of internet sales and changing tastes, the ability to target prospective store shoppers with the merchandise they are most likely to purchase becomes critical. Socio-demographic profiling and segmentation of population  by housing, age, income and lifestyle by data aggregators, like Claritas, has been around for decades. But CARTO has taken population segmentation data to the next level in terms of visualization and analysis. The firm worked with the 95-year-old French home improvements retailer, Leroy Merlin to integrate and map live sales information and customer demographic data to not only analyze competitors and where Leroy Merlin’s customers come from, but to continually update on a store-by-store basis exactly the households the chain should send marketing collateral. One can imagine that this mapping database will become the most crucial tool the company uses as its grows its 300 location across France and 12 other countries.



 

House Call: 75 Grand Street, 3EAST

09 June, 2017 posted by: CORE

THE AGENTS
Emily Beare
Lic. Assoc. Real Estate Broker
212-726-0786
ebeare@corenyc.com

Jessica Chestler
Lic Real Estate Salesperson
212-612-9683
jchestler@corenyc.com

THE DETAILS
Offered at $2,995,000, this loft in Soho maintains many original details including tin-covered ceilings and oversized windows while boasting two bedrooms, a den and a pantry/laundry room. With nearly 11 foot ceilings, you don’t want to miss a tour of this historic loft in the heart of Soho this Sunday!

THE HOUSE CALL
Sunday, June 11th, 11:00am – 12:00pm


 

Hot Topic: CORE Agents Rank Among Top in Manhattan

07 June, 2017 posted by: CORE

CORE ranks among Manhattan’s top agents once again! Last week, agents Doron Zwickel, Emily Beare and Jim St. André were featured on The Real Deal. Doron and Emily ranked on Manhattan’s “chief closers” list, while Jim was named one of the city’s top listing agents. Click the links to read the full story and see Doron and Emily’s interviews.

Click here to read the full articles: Manhattan’s chief closers & Manhattan’s top listing agents



 

Trends & Tides: Agent Referral Fees and Entitlement

05 June, 2017 posted by: CORE

Trends & Tides takes a look at the ever changing environment of New York City real estate – past, present and future – by offering observations, analyzing perceptions and challenging myths, while giving a dose of reality along the way.

There have been many times over the course of my 25-year-long real estate career in which I have sent a friend, family member or customer to an agent in another city with the expectation of receiving monetary compensation for my referral. On many of those occasions, I took on the role of a liaison between my customer and the agent to whom I referred. In the spirit of adding value to a transaction and actually earning my referral fee, I would provide advice, guidance, opinions when asked and even assist with negotiations on some occasions. That said, there were also times where I simply made a phone call to another brokerage in the area in which my customer was searching and was pleasantly surprised months later when I received a check in the mail that could be as high as six figures for merely making a connection. With referral fees typically ranging between 10% and 40% of the broker’s side of the commission and 25% being an unwritten industry standard, the opportunity to make serious income abounds.

So many in the real estate industry believe that simply providing another agent with a qualified, ready, willing and able buyer or seller entitles them to a piece of that commission. Others feel strongly that they should add additional value to the experience in order to “earn” their referral fee. I feel quite strongly that unless you are at minimum vetting the agent with whom you’re suggesting your customer work or staying connected as a liaison and adding value to the transaction, then you are not entitled to a referral fee.

Most recently, it dawned on me when a long time loyal customer of mine called me to tell me that they had gone to contract on a large parcel of land in another part of the country. My initial reaction was “ouch, that stings” as the referral fee would have been upwards of $500,000. I immediately considered contacting their agent to “introduce myself” as their referring agent. Seriously! I was actually going to call and suggest that I get paid nearly $500K for a transaction in which I played absolutely ZERO part. ZERO! I know for certain that many agents do make an effort to insert themselves into deals in which they have played no part. After I calmed down and really considered all aspects of the situation, it dawned on me that I was not in fact entitled to take nearly a half a million dollars out of another agent’s pocket. I added no value and I didn’t even make the connection between the agent and a ready, willing and able buyer.

In short, it is my opinion that adding value to a transaction in which you have referred a buyer or seller is the only thing that entitles you to a referral fee. 


 

House Call: 15 Renwick Street, TH3

02 June, 2017 posted by: CORE

THE AGENTS
Doron Zwickel
Lic. Assoc. Real Estate Broker
212-612-9607
dzwickel@corenyc.com

THE DETAILS
Offered at $5,900,000, this 3-bedroom, 3.5-bathroom multi-level townhouse with an open flow living room features 18-foot ceilings and a private yard. Located on a single-block street, one of only a few in New York City, this home offers a one-of-a-kind tranquil sanctuary. Be sure to stop in this Sunday for a tour of this Hudson Square home!

THE HOUSE CALL
Sunday, Jun 4th, 12:00 – 1:00pm


 

Hot Topic: Talking Mentorship with The Real Deal

31 May, 2017 posted by: CORE

Did you catch our very own Elizabeth Kee, Tony Sargent and Andrea Wells on The Real Deal last week? These agents were interviewed for a feature on the value of fostering a collaborative environment in the world of New York City real estate. Click the link to read what each had to say about the importance of mentorship and its prevalence at CORE!

Click here to read the full article: Winning friends and influencing brokers: How mentors can make or break a real estate career



 

House Call: 160 West 66th Street, PHC

26 May, 2017 posted by: CORE

THE AGENTS
Gerry Kendrick
Lic. Assoc. Real Estate Broker
Licensed as Harry G Kendrick
646-349-9832
gkendrick@corenyc.com

Arthur Korant
Lic Real Estate Salesperson
Licensed as Arthur Richard Korant
646-349-9833
akorant@corenyc.com

Tracey Hung
Lic. Assoc. Real Estate Broker
Licensed as Tracey L Hung
646-349-9839
thung@corenyc.com

THE DETAILS
Offered at $5,750,000, this 2-bedroom, 2.5-bath duplex penthouse features truly unrivaled views of the Manhattan skyline and Central Park. Located moments from world-renowned Lincoln Center for the Performing Arts and Central Park, there’s no shortage of luxury entertainment, dining and shopping. Be sure to stop by for a tour of this stunning, rarely available residence on Sunday!

THE HOUSE CALL
Sunday, May 28, 1:00 – 2:30pm


 

Hot Topic: Hidden Spaces in Williamsburg

24 May, 2017 posted by: CORE

257_Berry_Street_TH_02

Last week, Win Brown’s modern townhouse listing at 257 Berry Street was highlighted in a round-up of properties with “small, private nooks” to call one’s own on Brick Underground. The Williamsburg home offers a mezzanine overlooking the living room that is perfect for reading, watching TV or catching up on work at home.

Click here to read the full article: Five homes with small private spaces to call one’s own



 

Best Apartment I Ever Sold: Isaac Metcalf

23 May, 2017 posted by: CORE

537_East_6th_Street_5_01

Best Apartment I Ever Sold invites our agents to share the unique story of their best selling experience to date. This week, learn why Isaac Metcalf‘s sale at 537 East 6th Street, 5 is his best one yet.

Six months ago, I was asked to represent the seller of 537 East 6th Street, 5. This unit is located in a small six-unit deregulated Housing Development Fund Corporation (HDFC) building in the East Village. This was definitely the best apartment I ever sold, not only because the apartment was large and unique but also because it really challenged me as a broker since they wanted the market rate for a HDFC apartment that was also a 5th floor walk-up.

After a few weeks on the market, I had multiple offers from well-qualified buyers. As we negotiated with the potential buyers, we decided on one and positioned another as a back-up buyer. As the potential buyers were about to sign the contract, we found out that the purchasers were going through some legal troubles and were therefore unable to get financing. While this was happening, the back-up buyer proceeded with another purchase and it left us back on the market with nothing to show for it.

About three weeks later, we had another potential buyer come through and during the negotiations, NYC’s Housing Preservation & Development and the mayor were debating reinforcing sale and income restriction on deregulated HDFC properties.  A decision to reinforce these restrictions would make it very difficult to sell considering we wanted market rate for the property. Did I mention that all this is happening in real time? The purchase ended up falling through because of this looming information. Therefore, we now needed a buyer with low income and high assets (due to the looming income restrictions) who also didn’t mind taking the risk that the apartment could possibly become a full-fledged HDFC again.

Then, about a month later, that perfect person came through the door: a woman who had recently graduated college whose father was buying an apartment for her. She fit the buyer profile for 537 East 6th Street, 5 given her low income and high assets. With that said, I negotiated like a pro after the offer came in, and secured for them a deal at only 4.5% off the listing price. Next, we went through the grueling application process followed by an equally grueling board interview. We finally closed last week and that day ended with probably the best night’s sleep I’ve had in a long time.

537 East 6th Street, 5 was the greatest sale I’ve ever done and has certainly reminded me why I love my job.



 

Transformation on Museum Mile

22 May, 2017 posted by: CORE

1280_Fifth_Avenue_9G_01 (1)

CORE was tasked by the developer of 1280 Fifth Avenue with selling a new development project by Central Park that had been plagued with a lack of sales and low pricing. CORE’s challenge was to transform the building with a completely new branding, marketing and sales campaign. We renamed and rebranded the project as One Museum Mile – a destination address.

1280_Fifth_Avenue_9G_05

By anchoring the building to the beginning of Museum Mile and connecting it to the world’s most elevated addresses and cultural destinations, CORE sold 99 apartments and shattered the neighborhood price per square foot record.



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