New york city Real Estate
What is the scenario in the New york real estate job market. Can anyone provide some information on types of jobs available and the compensation. How is the work-life balance in this sector. And finally what kind of job profile is trending?
As an NYC based RE person, I will do my best to give you a quick road map. Overall, if you focus on what you want to do, you will get a better answer from people (your question is really broad).
First, NYC real estate employment/firms can be broadly grouped two ways:
NYC Headquarters/regional base operations - This is a broad grouping of all the major firms and divisions of major firms with RE operations with HQ in or near NYC. Many are capital markets focused (REIB, REPE, REITs, investment mngt, lending, CMBS, development, etc.). The key here is that the HQ office directs operations and investments regionally, nationally, or even globally. This is what makes NYC so loaded for RE jobs (acquisitions, asset mngt, research, capital markets, development, you name it). Many of the world's most recognized RE firms have major offices if not the outright HQ in the city. I would say this is there most of the jobs discussed on WSO are focused.
Local NYC market jobs/firms - NYC (and surrounding tri-state burb) is a major, in fact largest in the US, market that has a lot of people working on deals within the city itself. There are major owners, developers, and lenders that only focus on NYC because it's that large. Then add all the brokers, asset mngrs, and others that must focus on the city and you have tons working strictly on NYC based deals and properties. (*Yes, many of those HQ firms ALSO have a local NY team, very common).
So, when you say "NY real estate job market" there are really two (but there is of course some linkage). The first rises and falls more with global capital markets and the second more with local market dynamics. I work for a firm in the first category (HQ in NYC, but actually don't focus on NYC), thus the local dynamics really don't impact my day to day. If you were an owner, developer of rent-stabilized housing in NY, you would feel very different due to the changes in law from last year.
As for jobs that are open, the normal places like LinkedIn, Indeed, and Select Leaders will have postings. Salaries and comp for NYC can vary a lot (really need some guidance for people to give you any better idea). Personally, I've noted that more junior roles (like analyst, associate, etc.) tend not to pay much better in NYC than in lower cost markets in the south and west (bonuses can be larger at times). At senior levels, comp can get much higher, but this is as much due to the fact that there are so many senior roles in NYC that just don't exist in too many other markets.
Hope this helps, good luck!
Thanks for your detailed answer. It is very helpful.
Great explanation.
I would expand your list and add a #3 that kinda ties into your #2 as there are smaller and more lean/boutique-type firms that work on deals nationally. There are a good amount of lenders/smaller REPE firms playing in the middle market and their reach/pipeline is national. Also, a good amount of lesser-known brokerage shops cover regions that's not just the Tri-State area. Some groups have guys that do cover the Northeast, but also other teams covering the Southeast, Southwest, West Coast, etc.
Harder to find those types of firms since you won't see them on the front page of CMA or REA, but they do exist and some are pretty solid. Others, not so much. So you gotta do your homework on some of these smaller firms.
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