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Real estate brokers battle for share

Crain's New York
Real estate brokers battle for share - New York - real estate agaent - brokers


Real estate brokerages constantly seek to cut the best, most creative deals for their clients. These days, though, many firms here are funneling their time and energy into transactions with themselves at the center.



In the past five weeks, two growing brokerages have lured one top-level executive each from a longtime leader in the industry, Cushman & Wakefield Inc. Those defections come in the wake of two brokerages—including one of Canada's largest—setting up shop here. And bond-trading powerhouse BGC Partners Inc. is horning in, snapping up two big-name firms in the past eight months and vowing to make waves in the industry by marrying Wall Street finance with real estate dealmaking.

The result of all this is that suddenly the market is looking significantly more competitive. That's because, at a time when so few deals are being done around the nation, brokerages are flocking to where the most activity is.

"Firms want to be here because it is the most profitable market in the country," said Steven Littman, managing partner at executive search firm Rhodes Associates.





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