Cautious optimism has characterized the mood of New York City’s top brokers throughout 2024 as they adapt to the fluctuating challenges of low inventory and high interest rates.
The sentiment has shifted as stock market fluctuations and recessionary fears emerged, particularly following President Trump’s implementation of sweeping tariffs in April.
Despite these economic uncertainties, including political instability and global tensions, industry experts maintain that New York’s real estate market continues to exhibit resilience.
Steven Cohen of Douglas Elliman expressed this sentiment earlier in the year, stating, “Even with financial uncertainties — political instability, layoffs and global tensions — New York’s real estate market remains resilient.”
According to Cohen, there appear to be significant opportunities at play amidst the turmoil.
Similarly, Eleonora Srugo, also from Douglas Elliman, believes in the inherent strengths of the NYC market, asserting, “The beautiful thing about the NYC market is that it’s so healthy and always self-adjusts.”
She noted that as Manhattan is an island, supply will always be constrained to a certain extent, which fosters a unique ecosystem that allows for continuous opportunities within the real estate market.
The top brokers in NYC and the Hamptons have embraced innovative marketing and pricing strategies to navigate the complexities of the current environment.
It is important to note that all interviews referenced were conducted prior to the market turmoil instigated by tariffs.
Nevertheless, elite clients from entertainment, finance, industry, and art continue to drive the high-end market, and realtors are resolutely working to meet their desires and expectations.
Noble Black from Douglas Elliman stands out with an impressive sales total of $417 million in 2024.
With an array of celebrity clients, including Bethenny Frankel, Chrissy Teigen, and John Legend, Black described NYC real estate as a thrilling challenge, stating, “I love the extremes of NYC real estate.”
Serena Boardman, renowned as Sotheby’s International Realty’s top individual broker, has made waves with over $5 billion in lifetime sales, achieving $403 million in sales for 2024.
Her extensive knowledge of New York architecture and design, combined with her expertise in off-market deals, allows her to provide exceptional service in a largely transactional industry.
John Burger of Brown Harris Stevens has a notable reputation as the No. 1 agent at the flagship Park Avenue office.
His extensive client list has included high-profile figures such as Jeff Bezos, Bette Midler, and Rupert Murdoch.
With over three decades in the real estate industry, he is also fluent in both Spanish and German, engaging with an international clientele through a vast global network of 610 firms spanning 70 countries.
Jessica Chestler and Ben Jacobs, part of the Chestler Jacobs Team at Douglas Elliman, achieved sales of $215 million in 2024.
They emphasize a bespoke approach tailored to a diverse clientele that consists of Academy Award-winning actors, tech entrepreneurs, and Fortune 500 executives.
Carrie Chiang from The Corcoran Group shared insights that demonstrate client belief in New York as a valuable property investment destination.
With a 30-year career in the industry, she has worked with illustrious clients like Jim Carrey and Barbra Streisand.
Tim Davis, a Hamptons native and a legendary broker in the area, reported $178 million in sales for 2024.
He recently co-listed the former estate of publisher Louise Blouin in Southampton, which sold for $89 million, marking the largest sale on the East End.
Fredrik Eklund and John Gomes, two of the most recognizable names in NYC real estate due to their participation in Million Dollar Listing, celebrated $4 billion in sales for 2024.
Their client list features celebrities like Joe Jonas and Jennifer Lopez, and they recently set records for the most expensive condo sales in Manhattan.
Stephen Ferrara and Clayton Orrigo from Compass secured $1.2 billion in sales, making them the top team nationwide.
They observed sustained activity within the luxury sector while also recording signs of life in the entry-level market, previously quieter in 2024.
Nikki Field, founder of The Field Team at Sotheby’s International Realty, has played a notable role in attracting global buyers to NYC properties with $335 million in sales.
Cathy Franklin of The Corcoran Group emphasized that her 30 years of broker experience revolve around fostering relationships that feel familial to her clientele.
Her impressive sales in 2024 amounted to $215 million, including a notable $25 million listing at 775 Park Avenue.
Carl Gambino, a bicoastal power player and agent at Compass, impressively tallied over $400 million in sales, representing high-net-worth clients and notable figures.
Despite his work across multiple cities, Gambino feels a deep connection to New York, having family roots that trace back more than a century.
Rachel Glazer at Compass achieved $119 million in sales, observing an influx of individuals returning to New York City after a pandemic-induced exodus.
This change suggests a renewed appreciation for the cultural and professional richness of the city.
Steve Gold, known for his role in Selling the City, reached a sales volume of $850 million in 2024, underscoring the growing interest in downtown Manhattan properties.
Michelle Griffith of Douglas Elliman, with $276.6 million in sales, creatively markets her listings by integrating high-profile collaborations to elevate the appeal of her properties.
Deborah Grubman, showcasing 30 years of prowess in the sector, secured $154.9 million in sales, recently representing high-profile clients like Harrison Ford.
Frances Katzen from Douglas Elliman is known for her annual sales nearing $500 million, emphasizing the resilience and momentum of the NYC market.
She has executed significant deals with influential clients, contributing to her reputation as a leading broker.
In the Hamptons market, Preston Kaye and Gary Cooper amassed $200 million in sales, specializing in off-market transactions and recognizing a recent slowdown due to inventory insufficiencies.
Deborah Kern, a revered figure in New York real estate, reported $1.19 billion in sales in 2024, maintaining a dedicated clientele from the cultural elite.
Kayla Lee from Serhant pointed out growth in property values in Manhattan, Brooklyn, and Queens, noting strong demand for amenitized new development projects.
Lisa Lippman, a dynamic force at Brown Harris Stevens, underlined the excitement in New York’s revitalization post-COVID while having achieved $274 million in sales.
Together, Michael Lorber and Alexander Boriskin from Douglas Elliman represented $285 million in sales, expressing a deep connection to the stories behind each unique property.
Adam Modlin of The Modlin Group experienced a productive year, representing high-profile clients in notable transactions, including the sale of Tribeca condos.
Lauren Muss, an agent known for handling diverse clientele, expressed her readiness to navigate challenges in the current market by adjusting strategies.
Holly Parker, representing The Holly Parker Team, notched $400 million in sales, crossing over $13 billion in her storied career and remarking on New York City’s lively comeback.
Zeve Salman and Eric Brown at Compass achieved $350 million in sales, with significant portions coming from unlisted properties while emphasizing the excitement around New York homeownership.
Lastly, Ryan Serhant, a key figure in the real estate industry known for innovatively using technology, recorded $878 million in sales for 2024.
Commenting on his successful year, Serhant highlights the importance of clients’ time as a valuable asset.
As luxury real estate agents in New York City continue to hustle despite facing market volatility, their collective cautious optimism and long-term outlook underpin a belief in the city’s persistent potential for growth and opportunity.
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