Boutique Real Estate Brokerages Feeling Effects Of Economic Downturn

As the New York City real estate market cools, rumours are swirling that a number of boutique brokerages have been forced to close up shop. David Patrick Columbia separates the truth from the gossip.

David Patrick Columbia’s New York Social Diary: One rumour which was running through the industry yesterday was that Corcoran, the real estate brokerage with more than 800 brokers, was closing with its biggest producers moving over to Brown Harris Stevens. This is untrue. Earlier NYSD references to the matter were simply false. These rumours probably stem from the fact that the major brokerage firm, which was acquired and expanded several years ago by Cendant’s Henry Silverman, is in the middle of a divorce from his wife of more than 30 years, Nancy Silverman, and doesn’t need any more aggravation. Whatever Mr. Silverman’s matrimonial issues, Corcoran is NOT an issue.

Not closing, but moving, is Alice Mason who is basically down-sizing, giving up the million dollars-a-year lease on her big Madison Avenue office space which is coming up for re-negotiation anyway…

There were rumours circulating yesterday about Edward Lee Cave closing. This is FALSE. My friend Kathy Steinberg, President of Edward Lee Cave, confirmed this morning that there is no change in the firm’s status or business plans, and in fact they are looking forward to a strong New Year in the New York real estate market.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.


Tagged In

home-us real estate