The Engel & Völkers Group has just opened its first office in New York and is now brokering exclusive residential property in the US city with immediate effect. The Engel & Völkers NYC Office is located at an absolutely prime address in the heart of Manhattan on 430 Park Avenue. For the role of head of the new base, the company has been able to recruit Stuart Siegel, a man with a longstanding and formidable reputation within the real estate industry.
“In hiring Stuart Siegel we have won over a talented property expert to our ranks. But that is not all: his wealth of experience gives him a deep understanding of the complexities of New York’s real estate market, as well as the power of our global network. He is in an excellent position to fuse these worlds together for maximum success,” said Christian Völkers, CEO and Founder of Engel & Völkers AG. Mr. Siegel has more than 30 year’s experience working in the property sector. Amongst other posts he was president and CEO of Sotheby’s International Realty in New York between 1991 and 2006. Subsequent to this he worked for an international consultancy firm in Switzerland and in Italy for several years. “There are hardly any other real estate companies in the USA that can boast an international network on this large scale. I am pleased to be representing the service quality of Engel & Völkers in New York and to have the opportunity to make the real estate market here accessible to such a worldwide base of interested clients,” said Stuart Siegel.
Laura DesMoine, who previously also worked for Sotheby’s over many years, is yet another property expert to be joining the team at the Engel & Völkers NYC Office. As was the case in her previous role, she will also be responsible for Marketing at Engel & Völkers NYC. Alongside the positioning of the brand, Mr. Siegel and Ms. DesMoine will be focusing to begin with on the expansion of the team of sales advisors above all else.
“Over recent years we have seen an enormous rise in the level of demand for US properties from within our global network. This has been a central driving force behind our resolute course of expansion in the USA. Now the opening of our first office in New York City means we are tapping into a strategically key market,” Mr. Völkers added. With a population of 18.9 million, New York’s metropolitan area is one of the most important economic regions and trading hubs in the world. The real estate market is one of the most expensive on earth, buoyed by a high level of international demand from countries including China, Russia, Germany, Italy and Switzerland. New condominium developments by noted architects are going up all over Manhattan and are highly sought-after by foreign buyers. Prices per square foot for exclusive penthouses range from approximately 5,000 to 8,000 US dollars (approx. 38,900 to 62,600 euros per square metre) with a few new listings currently priced over 10,000 US dollars per square foot (approx. 78,800 euros per square metre). In addition to apartments with luxurious fittings, historic townhouses are also extremely desirable. Buyers are prepared to pay as much as 45 million US dollars (approx. 32.7 million euros) for a renovated townhouse in a prime location, with a few extraordinary townhouses selling for millions more.
Engel & Völkers has been operational in North America since 2007, and has been expanding its brand on an ongoing basis here ever since. The company now has more than 36 shops and offices based in California, Florida, New York, Arizona, Nevada, Georgia, Vermont, Massachusetts and Connecticut. Most recently, residential property shops have been opened in Las Vegas, Atlanta und San Diego.
The real estate market in the USA and in the city of New York in particular has recovered considerably from the financial crisis and has been witnessing a sustained upturn ever since. In 2013, the Engel & Völkers Group reported significant growth on the North American continent, with a 51 percent rise in total commission revenues over the previous year. “With this trend in mind, there is no better time for Engel & Völkers’ operative market entry in New York City,” Mr. Völkers concluded.