Of all the industries in the United States, the real estate industry remains to be one of the most lucrative and stable. Albeit in flux occasionally, real estate in the country continues to see all-time highs despite recessions.
The real estate industry is consistently profitable these days, especially in New York City. According to recent data from the NYSAR, the first quarter of 2021 saw many sale closings. From January to March, there was an increase of more than 30% in closed sales.
How Big Is It?
Different Types of Real Estate
The real estate industry can be classified according to scope.
Residential Real Estate: This includes properties or infrastructures specifically for residence such as condominiums, single-family houses, and townhouses.
Commercial Real Estate: Commercial real estate covers properties for money-making activities including:
● Recreational facilities
● Units or spaces for food and beverage businesses
● Paid parking spaces
Industrial Real Estate: Industrial real estate includes properties for manufacturing, research and development, and logistics.
Other properties are those used for civil services like electricity (e.g., power plants).
Land Real Estate: This deals with the sale and lawful acquisition of land. Types of land under land real estate are:
● Agricultural land
● Unoccupied lots or blocks
● Unimproved lots or blocks
Special Purpose Real Estate: This is for public spaces and properties or parcels of land that do not serve commercial, residential, or industrial purposes (for the private sector). Government buildings, public parks, and places of worship usually fall under this scope.
The COVID-19 pandemic has done little to slow down real estate in NYC. The NYSAR revealed earlier this year that more than 11,000 residential properties were sold.
Fun Facts About New York Real Estate
An event in 1991 set the precedent for New York’s property disclosure law. Litigations took place over the sale of a haunted property. This led to a consensus that realtors need to inform buyers of a home’s flaws (including whether or not it’s haunted).
In 2015, an anonymous investor purchased a duplex apartment for more than $100 million dollars. This makes the duplex apartment the most expensive ever sold in the history of NYC!
History of NYC Real Estate
Some of the earliest legal precedents guiding NYC’s real estate industry were recorded in the early 1900s. Since the late 1800s, New York City had been abuzz with skyscraper projects.
As the authorities feared for the fate of New York’s Skyline, they saw the need to regulate construction. For this reason, in 1916, the first law for American skyscrapers was drafted. There were also conditions for a building’s specifications before the local government approved its construction.
How Did We Choose the Top Real Estate Agents of New York City?
How To Get Into the Real Estate Industry
In New York, real estate professionals need to undergo at least 72 hours of training before the licensure examination.
Completion of the licensure examination allows you to apply for your real estate salesperson license. So long as you are 18 years of age, take the 72-hour training course, and pass the examination, you can be part of one of New York’s most stable and lucrative industries!
|Best Real Estate Agents of New York City|
Interesting Stats/Accomplishments: Michael Kenduck has closed more than 290 transactions. At the time of writing, he has more than 300 listings in the New York area. How He Got In The Industry: He began his real estate career as an REO expert at Cruse Real Estate in 2007. He was also a managing partner at Strategic Capital Enterprise. He is still with the firm. In 2014, he joined Century 21 American Homes as an owner associate broker.
Interesting Stats/Accomplishments: From 1997 to 2015, she was Grand Island’s top real estate agent. She was also one of the top real estate agents of New York City according to the WSJ and REAL Trends. How She Got In The Industry: Her career as a real estate agent began in 1974 in Grand Island New York. Since then, she has worked as a real estate salesperson for Century 21 Winklhofer.
Interesting Stats/Accomplishments: In 2011, he won the Realtor of the Year Award. He is also widely recognized as an authority in relocation. He comes highly endorsed and recommended by his past clients. How He Got In The Industry: After completing his Bachelor’s Degree in Marketing at SUNY New Paltz, he jumped on the real estate bandwagon. He has had a stellar work history at Berkshire Hathaway Home Services for more than 15 years.
Interesting Stats/Accomplishments: Real Trends places Deborah Rieders as one of the top 10 real estate agents of New York. To date, she has closed more than 132 commercial and residential property transactions. How She Got In The Industry: She began her career as a realtor in The Corcoran Group and has since climbed the ranks to be the company’s licensed real estate broker and vice president.
Interesting Stats/Accomplishments: Christina Narine’s performance has led to her career with many of NYC’s top real estate firms She also takes on certain projects for the public sector as a real estate professional at the NHS. How She Got In The Industry: Christina Narine is fairly new to the real estate business. She began her career sometime in 2017. Nonetheless, she has earned numerous 5-star online reviews.
Interesting Stats/Accomplishments: Daniel Heisey has a double bachelor’s degree in business and accounting from the University of Pittsburgh. He graduated in 2011. Besides real estate, he has in-depth knowledge of the oil and gas industry, land acquisition, and the energy sector. How He Got In The Industry: He began his real estate career as a land agent in 2011. At the time, he was with William C. Abel & Associates. He then worked in the energy sector as a land agent for Polaris Energy Services and a field specialist for CanACRE. It was in 2017 that he would return to his land real estate roots at New York Land Quest.
Interesting Stats/Accomplishments: In 2020, the Wall Street Journal and Real Trends ranked her as one of the top real estate agents of New York City. Two years prior, she also topped the charts as the number one real estate broker in the city. How She Got In The Industry: Alexa Lambert began her real estate career in 1990 with Stribling and Associates. In 2019, she transferred to Compass Real Estate where she is now one of the agency’s top residential and commercial real estate professionals.
Interesting Stats/Accomplishments: She was a recipient of the Realtor of The Year Award in 2014. She has also received The Chairman Circle Award and Pinnacle Award. How She Got In The Industry: Selling residential properties since 1987, Barbara Circillo worked as a broker for Realty USA and Coldwell Banker Prime Properties. She spent the bulk of her career with the former, transferring to Coldwell in November 2016.
Interesting Stats/Accomplishments: Annette Mina specializes in real estate in 10 areas across New York. How She Got In The Industry: Her big break as a realtor was in the family real estate business (Samina Real Estate). She was a realtor there for 13 years. In 1992, she transferred to Douglas Elliman Real Estate, where she still works as a top realtor today.
Interesting Stats/Accomplishments: In 2018, he was a recipient of the Century 21 Master’s Diamond Award. In 2019, he was awarded the Centurion and Platinum Pace Setter Award. How He Got In The Industry: Jeffrey Tonkin was not always a realtor. It was only in 2002 that he joined the ranks of Century 21. Here, he has closed hundreds of transactions and won multiple awards.