Q. What kinds of properties will Lee Residential NYC focus on?

Lee Residential NYC will have a strong focus on landlord representation due to both my extensive background in that business as well as the unique link between commercial and residential real estate when it comes to that line of work. For example, a number of landlords own residential buildings that also have retail space that needs to be leased. Similarly, a landlord of a residential building could also own a separate office building. In addition, we will focus on corporate relocation which will be further enabled by our link with the commercial brokers at Lee NYC. Office leasing brokers can refer companies that have leased office space and will be relocating employees to New York City, then we can help the company’s employees to find suitable apartments.

The Lee Residential sales division will focus on condos, co-ops, townhouses and multi-families in Manhattan, Brooklyn, Long Island City and Astoria.

Q. Why is now the right time for Lee NYC to launch a residential division?

Real estate clients have changed over time. Clients no longer prefer to have contacts at different brokerages to assist them with different real estate needs. Nowadays, people expect full-service companies. In addition, due to the fact that Lee & Associates NYC is one of the few national brokerages in New York City, we had quite a bit of potential residential business, which was being referred to other brokerages, up until the creation of this division. Having launched in 2011, Lee NYC has had time to gain a nice following in the commercial leasing industry as well as to add an investment sales division. We also have a property management division, Sierra Real Estate. Thus, it was time for the next step in making Lee & Associates NYC a true full-service firm.

Q. How will being both a commercial and residential brokerage give Lee NYC an advantage over competing brokerages that focus only on residential?

Being part of a combined commercial and residential company means that a vastly greater network of personal relationships exists within the firm. This is augmented even further by the fact that Lee & Associates is a national brand. Due to this reach, Lee & Associates Residential will benefit from access to a huge number of landlords, developers as well as individuals who come to New York City and are in need of an apartment.

Q. How has the relationship between commercial and residential real estate changed over the past few years?

Fortunately, residential brokers have gained much more respect from commercial brokers over the past fifteen years. As the earning potential of residential brokers has increased, they are increasingly seen as equals by commercial brokers. Commercial professionals tend to trust those from the residential world more nowadays and are thus more likely to refer business to them. Overall, there is a much greater degree of synergy between these two sides of real estate, compared to what we have seen in past years.

Q. What are some potential upcoming challenges for the residential real estate market?

In terms of leasing, it has become clear that Manhattan is nowhere near as popular as it once was. With thousands of new units coming to market in Brooklyn and Queens, it’s now imperative to compare neighborhood to neighborhood rather than borough to borough. As someone who has numerous listings in Manhattan, the question I’m currently facing is how to maintain prices on my listings whether that be through concessions, lower broker’s fees or other tactics.

In terms of sales, for the first time in almost a decade, we’ve seen that this is a buyer’s market across the board at every price point. We will be able to overcome these challenges by educating our clients, while under-promising and overdelivering. Sellers need to be realistic with their goals, and it is up to us to ensure that they have a solid understanding of the market.