I get it, sexy Class A office properties, top city in the world and all, top salaries.. I love NY, but .NYC CRE is a complete mess. Industry is filled with straight dbags, dealing with ridiculous regulations on a daily basis, pricing is insane, more family firms then any other city making it harder to find jobs, etc
Does anyone else who is currently in the NYC CRE scene feel the same?
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Add horrible cost of living making your "top income" a joke.
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Do NYC based offices have higher quality standards than their offices elsewhere throughout the US?
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Maybe
See I love working in NYC, but hate working for an NYC focused firm. It also seems like these firms are playing with Monopoly money out here.
I spent two years in brokerage in NYC. It's an incestuous market filled with criminals. Seriously. That said a very connected broker I used to work for has made about 3 million in the past five years. On the finance/deal side being connected is almost as important if you want to be something besides an analyst. Between the cost of living and the dog eat dog atmosphere, without the connections or $10mm to play with, it made a lot of sense for me to leave. I currently work in Asset Management in Boston and it's great.
$3 million over a 5 year period for a broker in NYC is not a lot. Obviously not chump change, but most successful brokers are pulling at least $1 million annually.
I was being conservative in my estimate, but either way when you're talking about "successful brokers" you're talking about select individuals who are well connected well before they ever step foot into a career. If you want to try your luck being a successful broker like I did, more power to you, but your odds are probably about the same as becoming an MD at Goldman.
Maybe I'm just a jaded 28-year-old, but I think for many people there are better paths to take early in a career. Also, you can always transfer into brokerage from a different sector of the real estate industry once you understand the game a little more and have some connections in a geographical territory.
Nope. Well, I do about the dbags. Network you build cutting your teeth in Manhattan cannot be replicated elsewhere. Real estate is all about the network. From capital/partners to intermediaries to deal sourcing. Build the right network in NY and you'll have the right network virtually anywhere you go. The same cannot be said the other way around.
Tons of other reasons but ^^ is numero uno.
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