Stribling & Associates, a premier New York residential brokerage, announces that leading new development specialist Patrick W. Smith has joined the firm to help launch its presence in Long Island City. Previously an Executive Vice President with top real estate consultancy Nancy Packes, Inc., Smith specialized in the creation of market reports, research and marketing for high-end residential developments. He has also held similar roles at Brown Harris Stevens Project Marketing.
In his new position, Smith will draw upon 15 years of experience in project marketing, sales, leasing, management, and real estate analytics to help grow Stribling’s footprint in Long Island City. In addition to consulting with developers and handling resale transactions, Smith will co-author a series of market reports focusing on LIC’s emerging luxury market.
“I wanted to shift my business to a singular focus on brokerage and the untapped potential of Long Island City, and Stribling has been extremely supportive of my goals. With its venerable brand and top in-house marketing, PR, advertising, research and management team, Stribling provides the tools I need to grow my business and better serve my clients. I look forward to a successful future together,” said Smith.
Smith, who has tracked Long Island City data for the past 11 years, and created his own proprietary market report, notes that there have been sharp increases in sales volume, pricing, and overall cash purchases in the area. In 2006, LIC experienced zero sales priced $1 million or more; in 2016, there were 116 sales priced at $1 million or more, making up 50% of all sales activity. In the luxury market, which Stribling defines as the top 10% of sales, the average price of an LIC apartment in 2016 was $1,865,335, a 5% YOY increase. The number of all cash purchases also increased, and in 2016 made up 24% of all sales compared with just 14% in 2009. The number of completed new condominium developments in LIC shot up to 37 by end of year 2016, increasing demand for high-end amenities and creating stiff competition among developers and buyers.
“When Patrick showed me the comprehensive market research he produced for Long Island City, I knew this was an area Stribling really needed to focus on,” said Stribling President Elizabeth Ann Stribling-Kivlan. “You don’t see this type of growth anymore, and the beauty of LIC is how much this growth is going to scale in the very near future. I’m thrilled to be working with Patrick on this exciting new endeavor, and to provide our agents and clients with the most substantive LIC luxury data available.”
Over the course of his career, Smith has led teams that sold more than 200 condominiums in Long Island City, and leased 3 major buildings in Manhattan consisting of 1,200 units. Smith received a Master of Science in Real Estate Development from New York University and a Bachelor of Arts in Urban Studies from Queens College and is a LEED Accredited Professional.
Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout three locations in Manhattan and one in Brooklyn. As one of the most renowned brokerages in New York, Stribling uses its respected expertise in the current market to provide individualized services to both buyers,sellers. Stribling agents specialize in the sale of luxury townhouses and cooperative and condominium apartments. The company’s philosophy is based on professional, personalized services coupled with exceptional knowledge of key residential market trends. Stribling Private Brokerage specializes in the discreet marketing of properties over $5 million and commands a prominent market share in that sector of Manhattan residential real estate. Stribling Marketing Associates, one of NYC’s most successful development marketing firms, specializes in consulting, marketing and sales of new developments and conversions.