Boutique NYC brokerage shops

What is the concensus on boutique NYC shops specifically Investment Sales? I see a lot of small shops in the area. Who do these guys do deals with? obviously your big time developers/operators will be mostly using the big guys. Searching through LinkedIn a lot of guys at these don't really come from any RE backgrounds. Do these shops basically take in anyone and it's sink or swim?

 
Best Response

There is no consensus. It depends entirely on the shop. Not bringing names into this but there are boutiques that are trash and do trash deals as a result. There are also boutiques that do strictly institutional quality deals and work with the big time developers and funds which don't just go to "the big guys." A lot of clients actually come from the bigger name brands after being disappointed by them. Some boutiques are also specialized in certain product types and hairier deals, which the bigger shops might not be as proficient at. At the end of the day, all that matters is who the rainmakers are at the shop and how strong their relationships are because everyone else is just riding their coattails.

 

Never heard of Bluegate but just searched them. Seem legit, but why do these guys characterize themselves as " Real Estate Investment Banking"? They do the same exact thing as any other brokerage shop. When I think of REIB I think of someone doing debt and equity type stuff at an actual bank.

 

I think small firms fill different niches then the bigger guys. Yes, a lot of these small firms take anyone as brokers, but at the same time, they are selling mostly non-exclusive deals that are much smaller than your typical Cushman or CBRE type deals. They focus on volume and HNWs. The guys on the bottom make next to nothing as it is sink or swim while the more senior producers can netting Multi-millions in commissions. If you are starting out and you are driven and hungry at one of these "pit" style shops you can make significantly more money than at any other job in Real Estate. I have seen some of these boutique brokers make 10s of Millions starting from nothing in less than ten years. The main advantage of working at one of these brokerages is that if you're successful, it's relatively easy to build a portfolio.The deals that these firms are selling are mostly the types of deals that may only require a few million in equity, and you see some of the best deals on the market.

 

Also, something I have noticed. Not trying to be stereotypical and sorry if I offend anyone, but I have noticed a lot of these boutique shops in NYC are predominantly Jews (specifically Safardic). I am actually Jewish, however, I am the furthest thing from religious or anything. I am afraid some shops might look at me differently.

 

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