New york city Real Estate (2024)

4y

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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:

1. 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.

2. 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!