Real Estate Deals in the Big Apple

Andrew Farkas finally has a footing in New York City after his latest deal. It is after NAI Global, linked to him, struck a deal with the New York-based EVO Real Estate Group. The group is a global network operating in 204 cities with 165 firms in its portfolio. With the signing of the deal, EVO becomes the New York office for this global conglomerate.
C-III Capital Partners purchased NAI in 2012 under the direction of Andrew Farkas. NAI is a brokerage firm, which serves external clients as well as Farkas’ huge array of real estate firms. The deal effectively plugs a hole in his business empire. New York, considered as being the finest real estate market was lacking in Andrew Farkas’ network.
EVO will be effective in its role. It is currently in charge of about 3.5 million square feet of real estate in New York. It currently employs about 45 brokers. Jay Olshonksy, President of NAI Global, noted that they were excited to have a strong footing in the big apple. One of Mr. Farkas’ most notable deals was in 1996. He acquired Edward S. Gordon Co., which he later sold for $415 million to CB Richard Ellis in2003.
NAI is moving against what other firms have been doing. Most of the other global real estate firms have been moving to consolidate their offices. Most people around the world have abandoned the model of loosely connected real estate companies. In 2013, the NAI group made about $900 million in profits. However, it hopes the figure would reach a billion dollars soon.
EVO is heavily rooted in Winoker Realty Co. The firm’s president, David Winoker died in a freak accident in 2012 while skydiving. Later that year, his wife sold off the company. The buyers rebranded the firm as EVO. It was an indication that the firm was now evolving. Mr. Fishman, a co-owner of EVO, says the deal will be beneficial to them. It will provide them with more leads and contacts than they had before.
Although the trend is to move away from loose networks, Mr. Farkas sees it differently. In fact, he claims that some people want to deal with a firm that has been in a city for years. In addition, he claims that an independent firm has more to gain by working independently. For instance, it is likely to have expertise and experience in its particular region. A firm in a network can refer clients to others in the network, being confident of the quality.

About

Categories: Uncategorized