Top NYC Real Estate Broker Shares Her Market Insights

I sell real estate. I lead the listing department. We have almost $2 billion worth of assets that we've signed in the last few years. We traded almost $200 million last year. We focus mostly on Manhattan proper, some in Brooklyn, some in Queens. We do a lot of vacant buildings, family office, multifamily, retail condos, and um yeah, we're very active also with leasing. >> How's the market? >> The market is the market. Mhm. >> It's good. It's tough. It's great. It's hard. It's all of the above. I think it really depends what day you find me on. >> Really, >> some days we do so much outreach and we don't get much back. >> Other days, like yesterday, we receive multiple offers. >> Wow. >> I'm finding um there are deal if there are deals to be had, there's interest there. So, the market isn't dead or um on fire. It's just very conservative and looking for opportunity. >> Why are people feeling so conservative? >> I think it has a few things. One, the interest rates are are really holding a lot of people back. So, we're hopeful there that there's going to be an adjustment. I think they're meeting today and those conversations we're hoping are going to be fruitful. Um, that has something to do with it. Of course, the mayoral election has many wondering what's going to happen. Um, everyone's, you know, are you leaving for Florida or are you still going to stay in New York? And the reality is is people that are here, like myself with children and a business aren't going to get up because of a mayor. You know, I've lived through many mayors, some better than others, and we still wake up, we still do deals, we still trade, we still transact, and New York City will always be New York City. It'll always be the financial world headquarters. So, we'll always have that in our pocket. And I don't think um local politics really play that much into the more global real estate scale here. >> So do you think the fears of people leaving the city are a little overblown? >> I would think so. Yeah. You know, they say that all the time and I think depending on whatever party it is, if you know, if you're a Democrat, if Trump wins, you're moving to Canada, you're leaving. You know, my aunt always said that. I'm like, you're still here. You know, and now same on the others, too. You know, it's like, oh, we're going to be leaving. And maybe some people might if you're retired and you can do that. Uh but most people are going to stay here and stay in their asset and have it appreciate and uh acclimate to whatever the times bring. >> How about in the interest rates? Do you feel people it's an affordability issue or they're waiting for the rates to come down so they get a better price? >> It's definitely um ALS it's both. So it is an affordability issue because you need to be able to pay your mortgage. So, I see a lot of the guys trying to get in and then realizing, wow, this is actually a lot more than I had signed up for, not realizing that there's maybe a water pipe that broke or a roof leak or a non-paying tenant. There's a lot of variables that go into ownership that people don't factor in. So, there's that. And then I also think that um the rate also affects it. You know, for every quarter of a point, depending on your price point, that's going to bring something down. So even though it only seems like a quarter of a point, it signals the sign of hope. >> Yes. Uh President Trump is in Asia at the moment. He's looking to strike a trade deal with China. If you think back to 10 years ago, Chinese buyers made up a big part of the investment base here in New York City. Is it still the case today? >> I think there's still always a lot of international money coming in. I think that's also another thing people are saying is that they're seeing international money not coming in. I would I would disagree. We've had many contracts from international buyers at Siran, more so than I've really ever seen this fall, and particularly ones that don't rely on the interest rate that are cash buyers. So, um 4 million and up, I'm still seeing a lot of international money coming into the states. >> Uh are you able to to to put your finger on why we've seen that increase? Uh, I think postco everybody was really scared and now they're realizing that New York is still a very stable and sound investment. For condos here, you just pick them up and you could rent it and your money is safe and held and appreciates. So, there's a safety net there that people like um in a government that they feel comfortable with. >> There's only one New York. Finally, um, are you optimistic for the New York City real estate market and for New York City itself over the next 10 to 20 years? >> Oh, absolutely. I would have to retire if I wasn't. Uh, we traded $164 million last year in uh in transactions. Most would say it was a dead commercial market. Commercial office is dead. I've listed $und00 million worth of property in this primary season that people are saying no one's doing anything. Um, we're very hopeful. Also, right now there's a big back to work. The office is coming back. Class A is very strong right now. Uh, there's also not that much inventory there. So, we're seeing a lot more opportunity there as well. >> A bonus question. Um, we've heard a lot about uh transforming commercial uh say office space for example into residential apartments. Are we seeing that actually materialize? >> We're working through it. So I have a few properties right now that are commercial office that have been hard to trade that we have been at the forefront of cuz they are in the pen south resoning actually walking that process through which actually for me is very exciting cuz I'm interested as an investor to see what that looks like. There's little you know uh nuances that need to get approved and worked through. So, we're actually seeing some buildings converting prior to the laws and kind of getting ahead of it because in the end, the board makes the approval decision, right? Uh so, we're seeing a lot of that. And are they playing out? Yes, they are. But the problem is a lot of times the price point. >> So, what the seller wants and then the cost of conversion has to factor in. I'm seeing that at one of my listings right now at 10 Harrison. There's a lot of interest because it's a vacant office that has the zoning to allow residential. So, everyone right now is trying to figure out how to do that there. And um the person who does is going to get a phenomenal value and incredible building >> because I hear it's uh easier said than done. >> Yeah, it's easier said than done. And it's also um people think it's much harder than it is. You know, uh >> you have something that's white box. Yes, you're going to need light. Yes, you're going to need air. Yes, you're going to need the HVAC, but it's really not um it's not as complicated because you could just be taking office like offices and turning them into bedrooms. One of our places already has a shower, it already has plumbing, it already has a kitchen, it already has nine conference rooms. Like, it's not that deep. But then our laws and our regulations make us jump through those hoops. So, is it as hard as people think? No. But, uh the policies also have to loosen up a little bit there. Uh, also for our housing crisis, you know, where we have, I think, 150,000 homeless people and then the office buildings aren't, you know, okay enough for them to live in, but right now they're on the streets. So, in my opinion, and a lot of us that are in the industry, you can make some really incredible properties there and really solve a lot of the housing issues. So, we're hopeful that legislation is going to catch up there as well. >> It's an interesting phenomenon. Uh, Bernardet, thank you so much. >> Thank you for having me.