August 1, 2017 | The Real Deal
Who’s winning condo marketing’s game of musical chairs
Once again, Corcoran Sunshine and Corcoran took the top spot on TRD’s new development ranking by closed sales. The firm — which has long been the most dominating force on New York’s new-development brokerage scene — closed $9.13 billion in new-condo deals during the three-year stretch between June 1, 2014 and May 30, 2017. The firm also ranks number 1 in unsold volume, which is defined as in-contract, available, and pipeline units combined.
August 25, 2017 | Mansion Global
New Townhouses Get Condo Treatment
The new crop of townhouses maintains the privacy and charm of these classic homes, while borrowing many modern features from the new construction condo world. “To have your own standalone residence, yet be completely connected to building with a full suite of amenities attracts buyers who may have been hesitant to enter the townhouse market before,” said Corcoran Sunshine’s senior sales director at The Greenwich Lane, Dan Tubb. Town Home owners at 20 East End Avenue will be able to enjoy the refined and elegant amenity spaces in the main building, including a gated private motor court, a library stocked with a collection of books that Mr. Stern curated, a billiards room, a wine cellar, and a private dining room.
May 25, 2017 | The Real Deal
De-luxed: Developers are chasing the lower end of the condo market
Some New York developers are working to capture buyers in the popular sub-$5 million market. At Corcoran Sunshine Marketing Group, president Kelly Kennedy Mack said in some cases they are telling their developer clients to adjust their unit mixes to remain below certain prices — although it’s not a blanket approach. “There’s been an intelligent and necessary response to supply and demand dynamics,” she said. Corcoran Sunshine tracks when buildings open for sale, which the firm defines as when a sales office opens. Mack said five of the seven Manhattan developments that have become publicly available this year are targeting a mid-market price of between $1,800 and $2,400 per square foot. It’s now been a year since a development with an average asking price of $4,000 per square foot and above has opened.
February 17, 2017 | The Real Deal
Boxed in: NYC landlords struggling to deal with residents’ online shopping addiction
Online sales continue to grow, forcing the industry to rethink package rooms. “Lessons have certainly been learned from the previous cycle of luxury development,” said Elisa Orlanski Ours, a senior vice president of planning and design at Corcoran Sunshine. Developers and marketers are getting serious about strategizing their package storage approach very early in the pre-development planning process. “We often look to completed, operational condos and assess how effective their programming was. We’ll speak with management companies, brokers and buyers to understand how a building functions in its maturity.”
February 17, 2017 | Mansion Global
As Definition of Penthouse Evolves, it Generally Means ‘Best-in-Building’
Whether it’s in a supertall skyscraper, modern mid-rise or renovated pre-war structure, there are luxury buyers willing to shell out millions for their perfect property. And in each of these building types, in cities around the world, there’s a prized sub-market: the penthouse buyer. “When you adjust the price for these differences [fireplaces, floor-to-ceiling windows, extra parking spaces, expansive outdoor terraces, etc.] you still typically see a premium of 15% to 20% for penthouses, said Melissa Ziweslin, a managing director at Corcoran Sunshine Marketing Group.
January 25, 2017 | Mansion Global
Manhattan Buyers Showing Increased Interest in Condos Overs Co-ops
More and more high-end buyers are preferring condos, and are willing to pay extra for them. “Condominiums as compared to co-ops are a superior asset class,” said Beth Fisher, senior managing director at Corcoran Marketing Group. Condos have “outperformed co-ops in appreciation, allow for greater flexibility of ownership use, and there’s no shared liability for underlying debt or obligation as there is in a co-op.”
November 30, 2016 | The Wall Street Journal
Luxury-Condo Market Is Starting to Rebound In Downtown Manhattan
Brokers say the surge points to the growing popularity of lower Manhattan as a place to live. Some of the rebound is also being attributed to new deals signed in condo projects that have finally opened their doors. “It is a downtown a lot of us didn’t expect in 2007,” said Melissa Ziweslin, a managing director at Corcoran Sunshine Marketing Group.
November 3, 2016 | The Real Deal
Inside the pitching war for new development projects
The closest parallel would be the “Mad Men”-era advertising business, when a huge account could set an agency up for years. But today’s brokerages aren’t dealing with executives from Pan Am or Philip Morris who might have been wooed by a killer Don Draper slogan. The masters of their fate are instead hard-nosed builders such as JDS Development Group, HFZ Capital Group and Extell Development Company that are looking for someone who buyers and lenders would be comfortable with. “Just as important as the firm we select to work with on a project are the specific individuals that make up the sales team from that firm,” said JDS Chief Executive Officer Michael Stern.
November 3, 2016 | WWD
CS Talks to Serve Up Tasteful Menu
Corcoran Sunshine’s second CS Talks, a 10-day speaker series for the real estate brokerage community, has doubled to 21 events. The series, which will be held from Nov. 9 to Nov. 18, explores the different and sometimes unexpected ways in which art, architecture, culture, technology and retail are converging with design. The event offers a range of perspectives from leading architects and developers.
October 24, 2016 | Bloomberg Pursuits
New York’s Latest Must-Have Luxury Apartment Craze Is Driveways
This ultra-rare city amenity offers privacy, security, and convenience. So to developers, it's worth sacrificing precious square feet of ground space. Jasmine Mir, CMO of Corcoran Sunshine weighs in. “Buying a penthouse at the top of a building is one thing, but the sense of extravagance and luxury associated with having space at street level in a congested place like New York? It gives an amazing sense of wow! to any arrival, a real grandeur,” she says by phone from her office.
October 21, 2016 | Luxury Daily
Technologically advanced real estate development offers window to future
A glimpse into the future can be gleaned from real estate development and the technological advances implemented in new builds, said Elisa Orlanski Ours, a senior executive from Corcoran Sunshine Marketing Group. During Luxury Interactive’s “Futuristic Lessons from Real Estate Development: How Technology is Transforming the Planning and Marketing of Luxury Residences” keynote on Oct. 19, Corcoran’s executive compared the George Jetson-like advertisements of the 1950s to today’s building projects to explain how elements of these blueprints offer a window into the future. Residential housing’s future rests on the technologies of today and their impact on architectural programming to exterior and interior design.
October 3, 2016 | The Real Deal
Resetting selling strategies
There is a behind-the-scenes back-and-forth between developers and their advisors and what can go awry if a wrong choice is made. Today, basic decisions like when to launch, how to price and how to configure units are suddenly up for debate. Kelly Kennedy Mack, president of new development marketing giant Corcoran Sunshine, said success in this market is “highly nuanced. There can be a tendency to categorize various segments in blanket terms — to say that we’re seeing issues in an entire price point or neighborhood, or that the entire market is down,” she said. “In reality, supply-and-demand dynamics vary from block to block, and each building is, in a way, its own ecosystem in the current market.”
August 5, 2016 | The New York Times
Closets as Big as Some Apartments
The latest must-have is an oversized master closet. Look no further than The Chatsworth and 20 East End Avenue, which both have numerous residences with bedroom-size, windowed or double dressing rooms. Nicole Siciliano-Trazzera, sales director for 20 East End Avenue at Corcoran Sunshine Marketing Group explains that closets can even reach buyers on an emotional level: “Custom closets are a very personal thing,” Siciliano-Trazzera explains.
July 30, 2016 | Forbes
Gimme Shelter: Porte-cochères Revived As Sexy NYC Condo Status Symbols
From the Upper East Side down to Tribeca and all the way over to Brooklyn, the porte-cochère spirit is revived within the Corcoran Sunshine portfolio. Robert A.M. Stern designed impressive porte-cochères at both 20 East End Avenue and 70 Vestry. Reimagined by Messana O’Rorke, the entryway at 200 East 62nd is transformed into a freshly landscaped arrival. Even as 111 West 57th Street soars skyward over Central Park, the world’s thinnest skyscraper values the privacy of its future billionaire residents down below and with a sheltered and über secure porte cochère. In Park Slope, Baltic offers on-site parking via a covered entry that is exceedingly rare for Brooklyn.
July 22, 2016 | The New York Times
Fancy Swimming Pools as Building Perks
Pools in new buildings go way beyond the basic. “A pool gives an aura to a building,” said James Lansill, a senior managing director at Corcoran Sunshine. 88 & 90 Lex is installing an L-shape pool for the joined buildings to share. At 53W53, the 14th-floor amenity “pavilion” will include a pool in a high-ceilinged space with a wall of south-facing windows and two walls of vertical gardens. Lastly, the pool at the Greenwich Lane is 25 meters.
July 10, 2016 | The Wall Street Journal
Developers Turn to Materials of Old to Stand Out in Modern Era
Terra cotta is making a comeback in New York City. Corcoran Sunshine recently completed the 100% sellout of 10 Bond, where terra cotta is striking design element selected by architect Annebelle Selldorf. More than simply decorative, the material can block out heat, thus reducing the amount of energy it takes to cool the building.
July 7, 2016 | The New York Times
Real Estate for the 1 Percent, With Art for the Masses
A new generation of important artwork is coming to private buildings in Manhattan. Great art “can help make an already distinctive building an enduring one,” and a prime example is 56 Leonard, which will soon welcome an original Anish Kapoor sculpture at its base.
July 6, 2016 | New York Post
How a century-old zoning law gave us Manhattan’s hottest (and highest) pads
Now commonly referred to as “the setback law,” a 1916 zoning law imposed a mathematical formula for how tall a building could rise before it was forced to become progressively narrower. Today, condo conversions of “classic” skyscrapers with setbacks are among the city’s hottest properties. Two prime examples are 100 Barclay, an Art Deco-era office-to-condo conversion, and 101 Wall also downtown.
June 9, 2016 | Observer
These Are the Luxe New Developments Coming to Brooklyn
Brooklyn is seeing an influx of high-end residential development. Corcoran Sunshine is spearheading the sales and marketing for two of the most noteworthy developments coming to Brooklyn, Baltic and 550 Vanderbilt.
May 20, 2016 | The New York Times
The Closed Kitchen Makes a Comeback
The pendulum has started to swing back toward enclosed kitchens. Several new residential buildings in Manhattan have offered separated kitchens — a nod to prewar apartment design, but also to the growing demand from potential buyers looking for separate cooking and entertaining spaces. Many of the residences at 53W53, 30 Park Place, and The Greenwich Lane feature a closed kitchen or the ability to separate kitchens by floor-to-ceiling sliding doors.
May 9, 2016 | The New York Times
Playrooms That Are More Frank Gehry Than Fisher-Price
Gone are the days of flickering fluorescent light bulbs, blank walls and hand-me-down toys. Like the luxury apartments that surround them, playrooms have become carefully designed and curated affairs. For example, in Battery Park City, at River & Warren, children will be able to play inside a lighthouse and frolic in the carpeted surf. Additionally, the playroom at 70 Vestry in TriBeCa has hundreds of blocks inspired by the neighborhood’s cobblestone streets.
May 1, 2016 | The Real Deal
Which residential firms sealed the most deals?
This year, the Corcoran Group with new development arm Corcoran Sunshine surged ahead of all other brokerages to the no. 1 spot, with $6.13 billion worth of closed listings in Manhattan — up a stunning 43 percent from a year earlier. The firm also said it helped to sell an additional $1 billion that were not included in TRD’s ranking. “Corcoran served as an advisor to Extell Development on One57 and the Carlton House, two of Manhattan’s highest-grossing projects,” said company President and CEO Pamela Liebman.
April 1, 2016 | AVENUE
New York Frame of Mind
A snapshot moment with the top power players in luxury real estate.
March 15, 2016 | The Real Deal
Inside the fight for Manhattan’s most valuable new development exclusives
Condominium construction hit record highs in Manhattan over the past year and developers need top broker talent to help sell all these pricey residences. So, which new development marketing firms are talking the best game and scoring the biggest projects? Corcoran Sunshine, long at the top of the new development heap, still reigns supreme when it comes to scoring new business. Corcoran Sunshine president Kelly Kennedy Mack’s marketing strategy has been to use dedicated in-house sales teams rather than relying on big name resale brokers.
March 15, 2016 | Inman
How to market real estate like a rock star
It's an exciting time for Beth Fisher, senior managing director at Corcoran Sunshine, to be working with luxury agents and developers in NYC. “The development you see going on now is reshaping New York City for the 21st century and beyond,” said Fisher. “The combination of public and private investment — including the private residential development of the Hudson Yards, and adaptive re-use of the Piers and expansive Hudson River Park, are among the most vibrant areas of development and will re-define New York,” she said.
March 7, 2016 | The Real Deal
Corcoran Sunshine doubles volume, inks $5.6B in 2015 contracts
New development marketing giant Corcoran Sunshine, headed by Kelly Kennedy Mack, inked $5.6 billion in contracts on behalf of its developer clients in 2015, its best year ever and nearly double its 2014 volume, the company announced Friday. Corcoran Group President and CEO Pamela Liebman, speaking at the firm’s annual award ceremony at Lavo Thursday, said the numbers were evidence of Corcoran Sunshine’s status as the “market leader” in new development.
March 1, 2016 | The Real Deal
At the Desk of: Kelly Kennedy Mack
Kelly Kennedy Mack’s office, which sits at the intersection of Seventh Avenue and 57th Street, is tucked in the shadow of Billionaires’ Row. To the left there’s the under-construction 220 Central Park South and to the right there’s the recently completed One57. And that could not be more apropos. As president of the new development marketing powerhouse Corcoran Sunshine Marketing Group, Mack has worked on both of those projects as well as many of New York’s other priciest condos.
January 1, 2016 | The Real Deal
NYC’s in-house powerhouses
Thanks to an influx of new condo inventory hitting the market — and what some describe as a potential glut of high-end inventory — onsite agents are playing an increasingly important role for developers. And the stakes are serious, given the exorbitant price tags that developers are looking to achieve. “We’re not the brand; the building is the brand,” said Liz Unger, a senior sales director at Corcoran Sunshine Marketing Group.
December 27, 2015 | The New York Times
In 2015, Shattering Records in New York City Real Estate
In the realm of New York City real estate, what goes up just keeps going up, and up. But the record books are almost certain to be rewritten in the months ahead as new “billionaire bunkers” are added to the city’s ever-evolving skyline, like 220 Central Park South, 432 and 520 Park, and 56 Leonard, to name just a few. “With the inventory out there, the extraordinary amount of wealth, and the continued demand for New York real estate, we will continue to see robust sales in the superluxury market,” said Pamela Liebman, the chief executive of the Corcoran Group.
December 15, 2015 | Downtown Magazine
On the morning of Nov. 4, 2015 I met a quintessential New Yorker: Larry Silverstein of Silverstein Properties. This was part of a week-long talk named “CS Talks” organized by Corcoran Sunshine to unite the brokerage community and the brightest minds with architects and developers. The talk was held at 7 World Trade Center, the sales gallery of 30 Park Place – Four Seasons Private Residences.
December 4, 2015 | The Real Deal
Larry Silverstein's business advice to his children
"I always tell my kids 'When I'm no longer here, remember one thing: Don't Sell!'" - Mega-developer Larry Silverstein speaking at CS Talks, a Corcoran-Sunshine hosted event at the sales office of 30 Park Place, his latest condo project.
December 1, 2015 | AVENUE
If These Walls Could Talk
Corcoran Sunshine's first-ever CS Talks series sparks conversation across the city.
November 24, 2015 | The Editor at Large
Corcoran Sunshine speaker series targets designers
Corcoran Sunshine Marketing Group brought together over a thousand real estate professionals through events and discussions during its weeklong speaker series, CS Talks. Designer Jeffrey Beers and Scavolini creative director Daniele Busca discussed the art of hospitality at one of the properties, One West End. In terms of kitchen design, Beers says, “Being a host is showing love for your guests. The kitchen has to be genuine, true and thoughtful.” At another talk down along the High Line, architect Thomas Juul-Hansen noted, “Everything should be built with integrity, because buildings aren’t just made for people, they are made for the city.” Vicente Wolf revealed his new Penthouse Collection at Manhattan House and explained how “simplicity can be elaborate.”
November 12, 2015 | Citybizlist
Corcoran Sunshine Holds First-Ever CS Talks Speaker Series
“The goal of CS Talks was to offer the brokerage community a totally new level of insight into development,” explains Kelly Kennedy Mack, President of Corcoran Sunshine. “CS Talks offered extraordinary access to each property, but also aimed to entertain and educate.” Inspired in part by TED Talks, TimesTalks, and Live from the NYPL, but unique to the world of real estate, the inaugural series featured renowned architects, influential developers, cutting edge designers, and some of the brightest minds in the industry.
November 11, 2015 | Real Estate Weekly
IN PICTURES: CS Talks
In a first for the real estate industry, Corcoran Sunshine Marketing Group held a week-long speaker series featuring compelling industry personalities including Larry Silverstein, Thomas Juul-Hansen, and Bill Rudin. Spanning November 2 to 6, CS Talks brought more than 1,000 real estate professionals to unique events and dialogues at 12 developments represented by the marketing and sales firm.
November 7, 2015 | The Real Deal
Larry Silverstein talks WTC, bubble fears and 30 Park Place at Corcoran Sunshine speaker series
If Larry Silverstein could go back in time, he’d keep all of his Manhattan holdings off the block. “Every time I’ve sold anything – and I’ve only sold at very high prices – five years later, I’ve thrown my hands up and said, ‘I’ve done a dumb thing,’” the developer said Wednesday, speaking at a Corcoran Sunshine event at the sales office for his latest condo project, 30 Park Place. “I always tell my kids, ‘When I’m no longer here, remember one thing: Don’t sell!’” Silverstein’s talk, moderated by The Real Deal’s Katherine Clarke as part of a series of industry discussions dubbed CS Talks, also touched on the mogul’s long-term vision for Lower Manhattan.
November 5, 2015 | New York Post
We hear… That Corcoran Sunshine, inspired by TED Talks, launched “CS Talks” this week. Series speakers include World Trade Center site developer Larry Silverstein and Danish architect Thomas Juul-Hansen.
September 15, 2015 | New York Daily News
The 12 Wildest and Most Luxurious Manhattan Real Estate Projects Hitting the Market this Fall
A wave of new condominium projects is coming to Manhattan by the end of the year, bringing the annual total to a whopping 5,300 according to data provided to the Daily News by new development marketing firm Corcoran Sunshine. “After several years of extremely limited new development introductions, the market really opened up in 2015, offering buyers an incredible amount of choice across neighborhoods and price points,” said Kelly Kennedy Mack, president of Corcoran Sunshine.
September 1, 2015 | The Real Deal
Manhattan’s development machers
Big names. Big projects. Big price tags. Despite being New York City’s smallest borough, Manhattan development has clearly grown to outsized proportions during the current construction craze. The top 10 developers on TRD’s list have each filed plans for north of 1 million square feet since 2011 — a serious feat, given high land prices and the scarcity of development sites. “The scale is so much bigger than it once was, in terms of master plans at Hudson Yards and Riverside Center, as well as large-scale properties,” said Kelly Kennedy Mack, president of the Corcoran Sunshine Marketing Group.
July 1, 2015 | Leaders Magazine
A Golden Age of New Development
An Interview with Kelly Kennedy Mack, president, Corcoran Sunshine Marketing Group. “We are living in a golden age of new development, with a level of quality and caliber of design never before seen in New York or perhaps anywhere in the world,” says Mack.
April 19, 2015 | Commercial Observer
Brokers, developers and some of the richest and most influential landlords in the city (strike that—in the world) have been fascinated with Commercial Observer’s yearly ranking of the top dogs of the business.
45. Pamela Liebman and Kelly Kennedy Mack (43) President and CEO of The Corcoran Group and President of Corcoran Sunshine
February 13, 2015 | The New York Times
The Private-School Sales Bump on the Upper East Side
Springtime is generally a period when the real estate sales market picks up, driven by a multitude of factors, perhaps most significantly bonus season, when financial firms dole out cash to employees. It is also a time when more sellers and new developments come to market, and buyers emerge from hibernation as the weather warms. But another critical factor driving the uptick, brokers say, is the so-called private school bump.
February 5, 2015 | Real Estate Weekly
Corcoran Sunshine celebrates record year
Corcoran Sunshine Marketing Group held its annual awards celebration recognizing the company’s performance in 2014. At the event, Corcoran Sunshine President Kelly Kennedy Mack announced that the organization sold over $3 billion in new residential development for the second consecutive year. Corcoran Sunshine again broke several records in 2014, with an average sales price of $4.6 million and average price per square foot of $2,387, both the highest in company history and the industry.
February 4, 2015 | The Real Deal
Corcoran Sunshine sells $3B in 2014; Firm’s average sales price was $4.6M
Corcoran Sunshine Marketing Group sold $3 billion in 2014, the firm told The Real Deal today, buoyed by a flood of new inventory and sky-high prices. It is the second consecutive year in the row that the firm has eclipsed the $3 billion mark. The average sales price and average price per square foot, $4.6 million and $2,387 respectively, were the highest in the company’s 25-year history. The firm “outperformed the new development market as a whole,” Kelly Kennedy Mack, Corcoran Sunshine’s president said.
January 28, 2015 | The New York Times
Over-the-Top Amenities: Sweating the Details
Home, it would appear, is where the hamam is. At least for the superrich. For along with the Olympic-size pools, children’s playrooms designed by experts in early-childhood development, basketball courts, demonstration and catering kitchens, lounges or “great rooms” with fireplaces, curated libraries, guest rooms, full-size gyms, spinning rooms and yoga studios, the hamam (pronounced hah-MOM) has joined the amenity package, as the brokers say, of the luxury development market. Or “super luxury” market, which is to say buildings where the price per square foot begins at about $3,000.
January 2, 2015 | The New York Times
Year of the Condo in New York City
At least twice as many new condominium units are scheduled to hit the Manhattan market this year as in 2014, the most since 2007. That means more choice for buyers and some welcome competition among developers, according to the Corcoran Sunshine Marketing Group, which tracks new development.
November 27, 2014 | Real Estate Weekly
Corcoran Sunshine recognizes top performers
Corcoran Sunshine Marketing Group recently held its annual awards celebration recognizing the company’s industry-leading performance in 2013. At the event, Corcoran Sunshine President Kelly Kennedy Mack announced that the organization sold a grand total of $3.2 billion in new residential development in 2013. Corcoran Sunshine broke several records in 2013 as well, with an average sales price of $4.3 million and average price per square foot of $2,365, both the highest in company history. “We have truly solidified our position as the strongest new development organization in the market,” Mack said to the more than 100 Corcoran Sunshine employees in attendance.
November 1, 2014 | The Real Deal
Flood of new project launches shift fortunes of marketing firms
The wave of new developments hitting the market is changing more than just the skyline. It’s also shifting the fortunes of the firms that specialize in planning and selling those projects. This month, TRD surveyed more than a dozen new development firms and compiled a ranking based on the condo and rental projects they launched since the beginning of 2013, as well as those set to come to market through the end of this year. The historically dominant Corcoran Group, along with its new development arm Corcoran Sunshine, came out the clear winner in the rankings, with 2,722 units across 61 projects
September 17, 2014 | New York Post
16 swoon-worthy condos on the fall real estate market
“There’s a whole segment of the market that’s been largely ignored,” says Kelly Mack, president of Corcoran Sunshine, “and that’s the mid- to entry-level offerings. There’s a new generation of buildings that’s not just for the super rich; 60 percent [of the new market is] priced below $2,200 per foot.” She adds, “I realize that sounds a little nuts, but that’s the reality.”
September 12, 2014 | New York Daily News
MONDO CONDO: A wave of new New York City condos ranges from affordable to astronomical
Another condo development wave is rising, but this time it might actually benefit real people. More than half of the 2,500 new apartments slated to hit the market in Manhattan this fall will be geared toward first-time and price-sensitive buyers, according to data from real estate firm Corcoran Sunshine Marketing Group. “Luxury new development remains a hot topic and a highly successful market segment, but in the next few months entry- and mid-level buildings will rejoin the conversation in a big way,” said Kelly Kennedy Mack, president of Corcoran Sunshine. “This is fantastic news for buyers in this severely undersupplied segment.”
September 1, 2014 | The Real Deal
Dissecting NYC’s luxury market
Data from Corcoran Sunshine show a massive number of new units are set to hit the market in the coming months. Mack projected 2,500 new development units would come online by the end of the year, and that 6,000 would hit the market in 2015. That’s still a far cry from the 8,000 new development units launched in 2007, but it’s a 151 percent increase from 2013. Mack said the average asking price for all new development units rose 38 percent from last year’s second quarter, to an “astounding” $7.5 million. “It’s a larger, more glam unit,” she said, but added that “as much as the demand still exists in those categories, the higher up the chain, the buying pool gets smaller.”
August 21, 2014 | The Wall Street Journal
In Architecture, a Glass Ceiling
More women than ever are applying to become architects, but far fewer attain their license or reach leadership positions in their firms, according to two industry reports. The percentage of female applicants to the National Council of Architectural Registration Boards, the organization that administers the architecture exam, has hovered at 40% since 2012, the highest rate in the group's history. Less than 10% of applicants were women 30 years ago, the report shows.
July 1, 2014 | The Real Deal
Luxury condo overload?
New York City’s new development condos have been breaking price records and making headlines for their over-the-top, boom-time-like amenities. But there is still concern about just how sustainable the market for these new luxury condos actually is.
In this month’s Q&A, The Real Deal talked to new development marketing brokers and developers about the residential development landscape, including whether there’s an emerging oversupply of luxury condos after a long spell of tight inventory.
June 5, 2014 | The Wall Street Journal
Quitting Wall Street to Sell Real Estate
Leveraging their strongest assets—expertise in banking, investment-return modeling, trust law and tax shelters—some Wall Street executives have quit their jobs to sell luxury real estate. Tricia Hayes Cole, formerly in equity-derivative trading and sales at Lehman Brothers and Bankers Trust, holds an M.B.A. from University of Pennsylvania's Wharton School. Today she is the executive managing director of Corcoran Sunshine Marketing Group, the new-development division of Manhattan brokerage Corcoran Group.
May 30, 2014 | The New York Times
Sky-High Demand for Luxury
Since 2007, the average size of new buildings has shrunk by more than half, with an average of 38 units per building this year, compared to 80 units in 2007, according to data from Corcoran Sunshine. While there may be fewer and smaller buildings, the average apartment size in new condo developments has grown by around 23 percent. Perhaps reflecting the rising number of families choosing to stay in New York, the average size apartment now reaches 1,560 square feet, compared with 1,265 square feet in 2007, Corcoran Sunshine data show. “The velocity of sales has been historic,” said Kelly Kennedy Mack, the president of Corcoran Sunshine. “That is because so few properties were introduced to the market over the last couple of years, so there is a lot of pent-up demand.”
May 16, 2014 | The Wall Street Journal
Condos Stack Up in Downtown Manhattan
When $1 billion in condominiums goes on the market later this month at 30 Park Place, a tower halfway between City Hall and the World Trade Center site, it will mark another milestone in the rebirth of lower Manhattan.
Since the city housing market crashed in 2008, developers and lenders have been shelving plans to build and finance condominiums in what were considered riskier and less-fashionable stretches of downtown below Chambers Street.
April 18, 2014 | Bloomberg Business
Lower Manhattan Condos Rival Midtown’s Luxury Skyscrapers
Contracts signed at newly built properties between 34th Street and the Financial District almost doubled last year to 1,222, according to brokerage Corcoran Sunshine Marketing Group. Buyers agreed to pay an average of $5.7 million in the fourth quarter, up 49 percent from a year earlier and a new record. The price per square foot of those deals rose 20 percent to a high of $2,915. “It’s a new class of luxury product that’s being introduced,” said Kelly Kennedy Mack, president of Corcoran Sunshine. “We are seeing buyers who historically were attracted to Midtown come downtown. They’re getting the same high level of design and spectacular views.”
April 1, 2014 | The Real Deal
NYC’s most active developers
Kelly Kennedy Mack, president of the new development marketing firm Corcoran Sunshine, said many developers jumped back into the market in 2013, encouraged by low residential inventory and rising prices. However, she noted, by all jumping in at once, they’re likely contributing to a stabilization of pricing. “Moving forward, the market may be moderated by growing new development inventory, which will increase the number of sales, but could potentially stabilize price growth,” she said. “With the limits of luxury pushing further upward, I believe there is a tremendous opportunity for developers looking to build mid-market luxury buildings in Manhattan,” Mack said.
February 1, 2014 | The Real Deal
Ranking new condos by per-square-foot prices
In Brooklyn, the inventory shortage of for-sale product is reaching a crisis point, because developers there are building rentals in disproportionately higher numbers since the crash. Only 2,000 new condo units combined are slated to hit the market in the next three years in Brooklyn, according to Corcoran Sunshine’s data, compared with 20,000 new rental units. “All of Manhattan and Brooklyn are in need of product right now,” said Kelly Kennedy Mack, president of Corcoran Sunshine. “The most significant need is for residences below $5 million, as listings in this category have dropped by 24 percent in the past year alone.”
January 24, 2014 | Real Estate Weekly
How to find a rich client
The foreign billionaire is the broker’s white whale. She (or he) is somewhere out there, willing to spend big, but very, very hard to find. Corcoran Sunshine’s director of sales Gordon Hoppe said his company gets much of its information on foreign buyers from prior experience, but also does research on market trends.“We look at lifestyles, what they are used to,” he explained, adding that Corcoran Sunshine has a research department with six employees. Hoppe said Corcoran Sunshine also relies on brokers travelling overseas and participating in trade shows, where they can cultivate contacts and gather information.
December 27, 2013 | The New York Times
In 2013, the High End Ruled
Rising demand and a record shortage of apartment listings set the stage for a seller’s market in 2013. But new development stole the spotlight. After a four-year dry spell, a crop of new luxury condominiums aimed at the superrich opened in Manhattan and were snapped up faster and at prices surpassing those attained before the recession. “Newly introduced development absorbed far faster than anyone could have predicted,” said Kelly Kennedy Mack, the president of Corcoran Sunshine Marketing Group. “Extremely compelling properties, limited supply and a hungry pool of both domestic and international buyers drove rapid sales.”
December 5, 2013 | The Hollywood Reporter
How New York City Realtors Keep Hollywood Clients Happy
From outdoor swimming pools to in-penthouse parking, how the pros are squaring NYC reality with L.A. dreams.
Kelly Kennedy Mack, Corcoran Sunshine
"Young Hollywood is gravitating toward downtown, and the No. 1 neighborhood is Tribeca. It has the best dining but is also more intimate-feeling, and cobblestone streets are less flocked by paparazzi. The 60-story 56 Leonard is the tallest building in Tribeca. Your only views are the birds and the clouds. There's something very king-of-the-world about it."
November 18, 2013 | Observer
Think Small: Kelly Kennedy Mack, President of Corcoran Sunshine Marketing Group talks micro apartments
Corcoran Sunshine Marketing Group is one of the leading firms for planning, design, marketing and sales throughout the country. What are they doing right? President Kelly Kennedy Mack clued us in. Since Ms. Mack took charge of the company in 2006, Corcoran Sunshine has achieved over $9 billion in sales and established itself as the market leader in New York. And now, they’re thinking small—in terms of details, and apartments.
November 9, 2013 | The Wall Street Journal
Manhattan developers are building increasingly large condos, New York City's upscale answer to the suburban McMansion. At the peak of the Manhattan real-estate boom in 2007, the average new condo—from studios to penthouses—was 1,265 square feet. Now, new condos average 1,564 square feet, a 24% increase, said Kelly Kennedy Mack, president of Corcoran Sunshine Marketing Group. One measure of the change: The average apartment size at One57, the huge tower on West 57th Street, was 3,600 square feet, about 70% larger than the average at another premier condo, the Time Warner Center, when it went on the market in 2001, Ms. Mack said. "In New York, space is the ultimate status symbol," she said.
October 25, 2013 | The New York Times
Return to the Fray
In a bear market, most developers are not inclined to hibernate like bears as a strategy for selfpreservation. Be they a Macklowe, Zeckendorf, Trump or Barnett, their modus operandi borrows from feline superstition: if they have nine lives, they’re going to spend them all building or go bankrupt trying. According to Kelly Kennedy Mack, President of Corcoran Sunshine, today’s market “has little or nothing in common with what went on before, and that’s probably a good thing.” She explained: “It brought an end to gimmicks; credibility is being rewarded, and although we’re seeing a new generation of development trading for the highest prices ever, it’s rooted in a rationality that didn’t exist in the last cycle. People understand that in a market with so much more transparency and such tighter lending restrictions, only the best developers are still able to play the game.”
October 2, 2013 | New York Post
Sales keep NYC housing market hotter than ever
Traditionally, the fall is the start of real estate’s busy season, where brokers — well-rested from a summer in Sagaponack — are champing at the bit, ready to unveil the next big thing.
But it’s almost as if summer never even began. A busy spring just kept going and going. “There was no rest for the weary this summer,” says Wendy Maitland, managing director of Town.
According to Corcoran Sunshine, 3,400 contracts were signed in Manhattan in the third quarter of 2013 — a 17 percent jump from last year. And the second quarter was even better. The second “quarter there were $7.6 billion in sales,” says Kelly Mack, president of Corcoran Sunshine. “That was the second highest ever.”
And one can only expect it to get busier. “So far in 2013, we’ve seen 1,660 new development units enter the market,” says Mack. “We’re projecting another 1,000 by the end of the year.”
August 5, 2013 | Financial Times
Demand for luxury residences goes sky-high in New York
When architect Ralph Walker designed his office tower for the New York Telephone Company in the
1920s, it was unlikely he envisioned his art deco skyscraper in downtown Manhattan as a place that
the wealthy called home.
Walker Tower is one of a number of buildings in New York City that has been converted, or built from scratch, into luxury residences over the past two years in response to growing demand from deeppocketed Americans and foreign investors seeking stable investments.
March 27, 2013 | The Hollywood Reporter
Downtown Manhattan Real Estate Outprices Uptown Market
A slew of new luxury towers has pushed downtown New York City prices above those for their counterparts to the north.
Well-heeled New Yorkers are on their way down.
The average asking price for a downtown luxury apartment was $2,777 per square foot in the fourth quarter of 2012, compared to $2,685 per square foot in comparable units above 34th Street. The data, collected by the Corcoran Sunshine Marketing Group and first reported by The Real Deal, is based on a survey of 140 luxury condo and co-op buildings in Manhattan. It showed a 28 percent jump in downtown prices from 2011, while uptown prices remained relatively flat.
October 1, 2012 | The Real Deal
Kelly Kennedy Mack: Walking on ‘Sunshine’
The day Lehman Brothers filed for bankruptcy in 2008, Corcoran Sunshine president Kelly Kennedy Mack was in Tribeca, where her company had just launched sales at the new Herzog & de Meuron–designed condo 56 Leonard Street.
“I remember being in Tribeca on the phone with one of the senior members of my team, talking about what the ramifications were going to be,” recalled Mack, who was 34 at the time. “It took some time to set in.”
Things were about to change drastically for Mack, who had taken the company’s reins just two years before, at a time when the real estate market in New York was reaching new highs.