What are the best MF Investment Sales Teams based in NYC?
I'm a new broker trying to find the right fit. I'd like to find a small team of good humans to work with at a more mom and pop / mid size shop, and learn from. I'm hoping to work primarily off-market deals, and I'd like to focus on NYC as well as national. I don't want to be boxed in. I'm not super concerned with commission split right off the bat, I just want to work with quality humans, somebody that has the patience to train me and take me under their wing a bit so I can be set up for success longterm.
I realize the TEAM is more important than the name of the brokerage. I've been cold calling brokers so far, but a lot of them I'm not feeling great vibes from, maybe I'm just looking for somebody friendlier than what is possible ha.
What are the top multifamily investment sales teams in NYC not a part of JLL/CBRE, etc.?
Rosewood's Aaron Jungreis was considered the king of mid market multi family for many years. They tend to hire from one specific community, however.
I never worked with Aaron personally, however my MD speaks very highly of him.
+1 Yes, in NYC, Rosewood's Aaron Jungreis is essentially the King (insert - well-bandied Michael Jordan reference) of Multifamily. Very very small shop, relatively speaking.
Idk how realistic good humans is, but there are shops to work at. Heads up a lot of brokers in the MM space even at more well known shops can be scumbags and majority if not all only look out for themselves and their commission. They could care less if it's a good deal or not and some may even lie. Patience to train you and good teams in the middle market space try B6, I looked there and they were offering $40k salary not draw plus whatever split. Good opportunity to learn, they have smart guys with experience. Not sure about how much of good humans they try to be but alot of teams at the bigger shops which seems you want to stay away from. Other MM shops try Jungreis firm that the other comment suggested, but it's sole focus is sales and you're expected to get deals done and work hard.
Also lose the mentality of you don't care about split, sure that's secondary but there are a lot of people in the industry who will fuck you over especially in brokerage. They will take you in talking about mentorship, turns out there is none and they'll use you until you decide to leave. Know what a good split is, I'd say starting out at firms that offer you something (say MM, or others) 50-50 is fair as someone new. I was on 50-50 and got my bosses split of 60-40 with the brokerage so if the commission was $100k the split with the brokerage to us would be $60k us then split 50-50 with my boss so I would get $30k. We never closed a deal but that's how I imagined it, I'm sure there are brokers who will make up bs and take more as you're every junior.
I'd honestly suggest going to a Colliers, Meridian, B6, or JLL/Newmark/CBRE as an analyst because they are less likely to take advantage of you and have protections in place. Let us know where else you're looking happy to give insight into what I've heard there.
Hahahahahahahahahahahahahahahahaha.
Best joke I've heard all day, "some may even lie"! Classic.
Every broker is lying through their teeth to you on every single deal. Don't ever forget it. The honest ones will fess up to it when challenged, but never forget that their job is to find the biggest sucker possible. Brokers have no alignment of incentives - they're encouraged to lie to buyers to drive a price higher, and lie to sellers to move product more quickly. And have no fiduciary duty to be truthful to anyone. That should tell you all you need to know about the quality of advice/information a broker is going to give you
Honestly, look at B6, great place to start. DM me if you are curious.
Terra CRG has good guys, and Shaun Riney is very successful at M&M.
DJ Johnston's team at B6 was hiring a few weeks ago, reach out to him and apply on B6's website. His email is on the website.
https://b6realestateadvisors.com/team-member/dj-johnston/
OP, give me a DM before you talk to DJ, he is an old friend.
NYC MF is a blood bath. Dog eat dog mentality, Not necessarily bad, it’s just a highly competitive place from institutional to an abundance of MM shops who also play in the space. That’s all of brokerage but NYC is above all other especially in the MF space.
There’s good MM shops but I would try and land maybe an Analyst role on a team JLL with Hinckley before going to the M&Ms of the city.
Avison Young has trained a number of great analysts, and from what I hear, their office is generally friendly and has a good culture.
B6 has lost a lot of talent recently.
James Nelson and Bob Knakal are currently the top dogs of middle markets NYC CRE I’d say. Bunch of other very very good brokers as well at various shops.
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