Latest news with #Serhant
Daily Mail
3 days ago
- Business
- Daily Mail
Ritzy NYC neighborhood rocked by foreclosure surge
Published: Updated: It's known for its facades. Both its buildings, and the people they house, need to keep up appearances. But one of them has failed, and it's not the 100-year-old New York City buildings that are in trouble. It's those who live in an elite ZIP code who are desperately trying to keep up with the Joneses and no longer can. A slew of wealthy residents along Manhattan's historic Park Avenue have had their apartments foreclosed on recently. In fact, foreclosure rates are soaring across New York City overall. New figures reveal a double-digit spike in mortgage defaults across the city this spring. The swanky stretch of Park Avenue, that's lined with manicured gardens, logged a cluster of foreclosures, despite the sky-high property prices. 'Interest rates are rising, there is high economic distress, many times generational wealth does not mean someone is liquid,' luxury Serhant realtor Peter Zaitzeff (pictured) told the Daily Mail. 'Pandemic-era protections against foreclosure are also gone, so that is also a factor.' New York also remains notoriously expensive, even for the rich. Even when adjusting for inflation, the cost of living in wealthy ZIP Codes in New York has increased far above national averages. It's often hard for residents to keep up. The latest foreclosure report from shows an 11 percent jump in New York City foreclosures in the second quarter of 2025, compared to the same period last year. In Manhattan, which has a population of 1,628,000 according to the US Census, 46 homes were hit with new foreclosure filings from April through June — a 15 percent year-over-year increase. Shockingly, eight of those were located in ZIP code 10022, a posh section of Park Avenue, lined with manicured flower beds, luxury boutiques, and homes listed at a median price of $1.3 million. Yet, this wealthy enclave was still affected. Zaitzeff said that when people start getting in over their heads, they often take out cash loans thinking they can easily repay them. 'Many borrowers who took out loans at a low-interest rate didn't fully repay them and now they still owe, and they will owe more and more as they repay slowly or not at all,' he said. 'It's difficult for individuals to cover their debt.' And while there's always action in the New York real estate market, for luxury rentals, investor-heavy areas like Midtown Manhattan are seeing less demand since the pandemic. For example, a studio in the historic Parc Vendome building on West 57th Street has entered into foreclosure and is selling at $525,000 — a steal for Manhattan. A Central Park adjacent 1-bedroom, 1-bathroom foreclosure is selling for $565,000 on the West side. A studio on 9th Avenue in Hell's Kitchen is foreclosed and selling for $394,700. While Manhattan is seeing foreclosures, the neighboring borough of Brooklyn is now officially the city's top foreclosure spot. Brooklyn saw 129 first-time filings in the second quarter of this year, a massive 36 percent spike compared to the same time in 2024. The ZIP code 11236, which covers Canarsie and East Flatbush, led the list, with 17 new foreclosures in just three months. Meanwhile, Queens saw 128 foreclosure filings, which was down 20 percent from a year ago. The Bronx is facing a foreclosure crisis of its own, with 57 new cases filed in the spring, which is up a jaw-dropping 73 percent from the same time last year. That figure surpasses the borough's previous five-year high recorded earlier this year. Staten Island isn't faring much better, with 48 foreclosure filings, up 25 percent year over year. Of the 408 foreclosure filings citywide this spring, two-family homes accounted for one-third of all cases. Single-family home foreclosures actually declined by 2 percent. But all is not doom and gloom. Zaitzeff says a foreclosure could work in a buyer's favor. Getting yourself a knowledgeable realtor who can access a deep foreclosure database is key. 'The banks want these foreclosures off their books, so in general they are very willing to negotiate,' he said.
Yahoo
30-06-2025
- Business
- Yahoo
Zohran Mamdani's win could mean more wealthy New York transplants to Florida, developer says
South Florida experienced a wave of new residents from the Northeast during the pandemic as people fled strict lockdowns, school closures and the shuttering of businesses. But will there be another surge out of New York City with democratic socialist Zohran Mamdani poised to become the Democratic nominee for mayor? Mamdani, 33, who declared victory in the party's primary June 24, campaigned on promises that some business owners and affluent residents oppose. Those include freezing rental costs, offering free childcare, eliminating city bus fares, creating city-owned grocery stores, and hiking the taxes on the wealthiest New Yorkers and biggest corporations. "Just when you thought Palm Beach real estate couldn't go any higher … ," Gov. Ron DeSantis said in a social media post with a link to a poll that put Mamdani ahead of opponent and former Gov. Andrew Cuomo before the primary results were released. One day after the election, at least one South Florida developer said he and his properties had gotten calls from people in New Jersey, Manhattan and Connecticut who are interested in moving to Florida. "Obviously, what they see happening makes them nervous and they want to plan their future and have peace of mind," said Isaac Toledano, CEO and co-founder of BH Group, which is working with the Miami-based Related Group to build the Ritz Carlton Residences in West Palm Beach. "I think the rush is going to start now because the unknown is something people don't like." Realtors who deal in high-end properties said their phones are also ringing with people surprised about the result of the primary election and interested in potentially buying in Florida. "Local politics matter, almost more than national politics, and if local is going to a more socialist form of government, you could lose some of your really wealthy taxpayers," said Nathan Zeder, co-founder of the Jills Zeder Group in Miami. "The calls and texts, the response yesterday, was way more than what I anticipated." Celebrity real estate agent Ryan Serhant, who has a Netflix show called "Owning Manhattan", told the New York Post that his "number one job will be moving people from New York to Florida. Again." 'Based on the results, clients are going to hold off on making any kind of investment in New York City," Serhant said in the New York Post story. Serhant specializes in New York real estate but has recently made a push into Palm Beach County with $100-plus million sales in the town of Palm Beach and offices in Delray Beach and Jupiter. He was previously on Bravo TV's "Million Dollar Listing New York." Florida got a boost in New York transplants during COVID-19. According to the U.S. Census Bureau, 254,097 New York state residents moved to the Sunshine State between 2021 and 2023. The number of people who traded in their New York driver's licenses in 2022 for ones with a Palm Beach County address totaled 8,059, which was a 38% increase from the average over the previous six years. "Today is a great day for the state and we welcome businesses who want to grow jobs and families who want to live in safe communities!" Florida U.S. Sen Rick Scott wrote in a June 25 social media comment. Scott linked to a post from the National Republican Congressional Committee that called Mamdani an "antisemitic socialist radical." Mamdani has declined to condemn the phrase "globalize the intifada," which is widely considered by the Jewish community as a call to violence. He has also referred to Israel's war in Gaza against Hamas after the Oct. 7, 2023 attacks as a genocide. Mamdani has also said he would have Benjamin Netanyahu arrested if the prime minister of Israel came to New York. Other Palm Beach County Realtors said they have not fielded calls yet from New Yorkers antsy about what Mamdani's agenda may bring, but they don't doubt they will come. "We had the pandemic, then we had the Trump bump and this is another reason why folks may want to move here," said Elizabeth DeWoody, founding principal of real estate firm Compass Palm Beach. "We are an incredible, pro-business, forward-thinking community." The nonprofit Citizens Budget Commission, which tracks New York's economy and business finances, found New York City lost $3.1 billion in adjusted gross income from 19,540 New Yorkers who moved to Palm Beach County between 2018 and 2022. It lost an estimated $809.3 million from people who moved to Broward County during the same time period, and $6.1 billion from people who moved to Miami-Dade County. More: West Palm Beach feels growing pains amid wealth influx as neighborhoods navigate change "It was all New York until recently, or the Northeast," DeWoody said. "Now it's California, and I think we will see New York again. Sometimes it's just one thing after another that seals the deal for people." Billionaire John Catsimatidis, whose Red Apple Group has real estate investments in Florida, said he would close or sell his Manhattan-based chain of grocery stores if Mamdani wins November's general election, according to a New York Post story. Mamdani's competitors for the mayor's seat include current Mayor Eric Adams, Guardian Angels founder Curtis Sliwa, former federal prosecutor Jim Walden and possibly Cuomo. Stay up to date on South Florida's sizzling real estate market and sign up for The Dirt weekly newsletter, delivered every Tuesday! Exclusively for Palm Beach Post subscribers. 'We can't compete with Mamdani opening city-run supermarkets for free,' Catsimatidis said in the New York Post story. In an interview with The Free Press, he said he'd spend more time in Florida. Christian Prakas, a founding partner of Ryan Serhant's real estate office in Delray Beach, said he's already been in touch with his boss about the possible increase in New-York-to-Palm-Beach-County moves. "He thinks it's going to be bad up there," Prakas said. Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@ Help support our local journalism, subscribe today. This article originally appeared on Palm Beach Post: DeSantis muses about palm beach real estate after Zohran Mamdani won
CNBC
25-06-2025
- Business
- CNBC
Ryan Serhant on the state of real estate, NYC mayoral race
Ryan Serhant, Serhant founder and CEO, joins 'Power Lunch' to discuss the latest housing data to cross the tape, the state of real estate and much more.
USA Today
23-06-2025
- Business
- USA Today
Waterfront home developed by former Florida Panthers' star Ed Jovanovski for sale
Jovanovski, nicknamed "JovoCop", played for the Stanley Cup-winning Panthers in the 1990s and from 2011 to 2014, and is now a Panthers television analyst for Scripps Sports. A waterfront Boca Raton, Florida home developed by former Florida Panthers player Ed Jovanovski for his family is on the market for a thrifty $14.49 million after being reduced from its original list price. Jovanovski, nicknamed "JovoCop", played for the Stanley Cup-winning Panthers in the 1990s and from 2011 to 2014, and is now a Panthers television analyst for Scripps Sports. The Panthers won their second consecutive Stanley Cup championship on June 17, 2025. But Jovanovski is also a home developer, building a handful of homes in Boca Raton, including the one that's currently on the market at 989 Marble Way in the Sun and Surf Club community. Nick Gonzalez, a founding agent of the Delray Beach office of Serhant who is co-listing the home with Serhant agent Matt Moser, said Jovanovski originally designed the home for his family but sold it before it was finished last year to another buyer. That buyer is now reselling the nearly new five-bedroom home, which sits on the east side of the Intracoastal Waterway and is within walking distance to the beach at Red Reef Park. "I think he was just able to capitalize on the market when it was there," Gonzalez said about Jovanovski selling the home. "I would say this house is one of the few out east that suits a family very well because of the number of bedrooms and the overall layout with a second-floor loft." The home was built in the British West Indies style, which combines British colonial architecture with open-space tropical design features, such as high ceilings, wrap-around verandas and shutters. Wealthiest communities in Florida: 40 celebrities and athletes who call this town home Gonzalez said the design sets it apart from other new construction in the community which is more modern with straight boxy lines and flat roofs. It has a cypress wood ceiling in the kitchen, which is equipped with Wolf and Sub-Zero appliances, a clubroom with a walk-in wine room, a 45-foot-long pool, a four-car garage and 119 feet of deep-water frontage on the Intracoastal. Another perk; it is less than two miles by boat to the Boca Raton Inlet. "This is the only community in Boca where you have the beach, a par 3 golf course and boating and Intracoastal access," Gonzalez said. "It's a cool little community and the homeowners association is voluntary." The current owners bought the house for $11.9 million in April 2024. After deciding it was a little too much space for them, they put it back on the market three months later with a list price of $17.9 million. That's since been reduced four times to the current price of $14.495 million. Gonzalez has had the listing for about two months. "This is a good example of where the seller came to the market a little too high and now we are down to a really good price," Gonzalez said. "There are good deals hidden out there." He said the home is one of the least expensive new construction homes in Sun and Surf because Jovanovski paid a lower price for the land, buying it in 2022 for $2.6 million. Jovanovski, a defenseman, was chosen by the Florida Panthers as the first pick in the 1994 draft. He has also played for the Vancouver Canucks and the then-Phoenix Coyotes before finishing his career with the Panthers. He made real estate news in 2016 when he sold a home he bought in 2011 for $5.2 million in the Royal Palm Yacht & Country Club for $15 million. The sale set a new price record at the time for the community. Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@ Help support our local journalism, subscribe today.
Yahoo
13-06-2025
- Business
- Yahoo
NYC luxury real estate brokers reveal outrageous client demands
If Bravo is to be believed, all it takes to sell the world's richest people the world's most expensive homes is pulling up in your Lambo, shaking hands and opening a bottle of Krug. But there's a dark side to the glamor of closing deals that you won't see on TV, NYC brokers reveal. 'We're like a concierge service,' Peter Zaitzeff of Serhant told The Post. 'People want restaurant reservations. They want to know where to take their kids. We scrub toilets.' A couple weeks ago, Brown Harris Stevens hotshot Lisa Simonsen had already wrapped her work for a client — selling him a roughly $10 million unit in one of the Upper East Side's 'good building' co-ops — when he called back up asking for more. 'He asked me to get them a last-minute reservation for 12 at Casa Tua,' said Simonsen of the Upper East Side private supper club, which is currently one of the city's toughest tables to book. 'He wanted it in the next two hours!' The never-ending asks go well beyond mere favors, real estate marketeers kvetch. In the hyper-competitive, high-end sales market, their ultra-entitled masters-of-the-universe clientele are used to getting their way — and they expect services normally reserved for domestic staff and expert specialists. That means city brokers are routinely told to run for coffees, babysit and or walk dogs — while also acting as ersatz art advisors, interior designers, school consultants and even matchmakers. Those who dare say 'No' risk losing lucrative business. 'They are thinking, 'I just paid this person $10,000 for this rental. I want to make them work for it,''Zaitzeff said of clients. Compass agent Vickey Barron recalled showing a loaded couple and their three young 'excitable' children apartments on the Upper West Side. 'They asked that someone on my team take their kids to Central Park. Over the next two and half hours, one sibling bit the other and the other wet his pants,' Barron told The Post. 'They were beyond wild. One climbed a tree and wouldn't come down. They were on some kind of adrenaline high. I thought I was going to lose my team member. Meanwhile, the mother had a meltdown.' Nadine Hartstein of Bond has also been strong-armed into babysitting for clients. 'They were 12 and 13, very privileged, extremely wealthy, but extremely sheltered children,' said Hartstein of the offspring of a foreign buyer she dealt with. 'The mother said her kids should have American friends, and, the next thing I know, they are with my kids trick-or-treating. We had to take them to a house of horrors and then the mother made reservations for her kids to have dinner with us the next night. At least I have kids, otherwise it would have been even worse for me.' Pets are another pressure point, according to Barron, who said sellers are often reluctant to remove pets for showings. 'I felt like a dog walker, but for a cat,' she said. 'The client says, 'I have these cats and one cat is wild, and he will freak out and escape. You have to make sure that my cat is safe.'' The moment the door opened for a showing, Barron recalled, the cat ran for it — making it out the door and into an open elevator about to go downstairs. After a building-wide search, she found the flighty feline in an apartment whose door was cracked; the cat was under a bed, hair raised and scratching for its life. 'I'm allergic to cats,' she said. 'And this was an ongoing issue. I was like, 'Where's my Benadryl?'' But even Barron has limits. She spent three hours cleaning a client's apartment to get it ready for a photo shoot. But when the woman told Barron she better come back early before the shoot to re-clean her kitchen, the broker snapped. 'I looked at her and I said, 'It will look exactly like this to the T when I get here. Do not think that I'm going to get here early and do this all over again.' I had to set an expectation,' she said. Nevertheless, most brokers agree that going the extra mile pays dividends. 'Nothing is beneath me,' said Zaitzeff. 'I tell people that we scrub toilets for a living part-time.' He says he learned how to suck it up and provide service, no matter how demeaning, from Douglas Elliman's Madeline Hult Elghanayan, the real-estate broker wife of billionaire developer and TF Cornerstone chairman Tom Elghanayan. 'She's married to one of the wealthiest people in New York City — and we would do open houses and she'd be there scrubbing the floors,' Zaitzeff says. So when difficult clients make outrageous asks — whether it's leveraging his Rolodex to get a client into an exclusive club or fixing their john — Zaitzeff said he's always down to help, because when they want to sell in a few years, he knows who they are going to call. Still, that economy of reciprocity is also ripe for abuse. 'It's extortion,' says Vincent Pergola of the boutique real estate brokerage Elegran. This month, with a deal hanging in the balance, the scion of a wealthy family that invests in properties across Manhattan asked Pergola to arrange what sounded like a celebratory business dinner. 'We secured a record-high rent for one of their units, and there was a chance the renter might also purchase the apartment — potentially resulting in two commissions. The client said, 'If you pull that off, you owe me dinner,'' says Pergola. 'I'm like, 'Absolutely, I would love to do that, anywhere you want to go. It's on me.'' But then the conversation took a strange turn: 'He texted me and said, 'Hey, instead of dinner buy me these $550 headphones,'' Pergola said. 'And I was like 'Sure — if the sale goes through.' He responded with outrage.'
