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Business Featured NYC Real Estate

Living High in Lower Manhattan with Kim Rose

Living High in Lower Manhattan with Kim Rose

Kim Rose is a real estate agent at Compass and has resided in Manhattan for 25 years. She has earned a solid reputation as a genuine and enthusiastic partner, uniformly praised for her sales savvy and negotiating skills, as well as her finely honed knowledge of the real estate market. In her spare time, Kim enjoys spending time with her family and travel. 

Downtown: How long have you been a broker? 

Kim Rose: I have been selling real estate for approximately 5 years. Prior to this, I was involved in the real estate industry in a different capacity, working with a large developer.  

DT: What drew you into this industry? 

KR: Real estate in New York City is unlike anything else. I grew up in Connecticut and spent a lot of time coming into the city and watching the landscape of Manhattan change over time. I often thought about the buildings and who lived in them, and I always wanted to be a part of it. 

DT: What do you love best about your job? 

KR: I love meeting all of the different people. Buying or selling a home is a very personal and emotional experience. You spend a lot of time with your clients and really get to know them. I have made a lot of great friends through this experience.

DT: What is your favorite time off activity, hobby, or favorite place to chill downtown? 

KR: My favorite place to unwind with friends and meet for drinks is The Four Seasons downtown. It has the best vibe. For a great meal, I still love going to Raoul’s.  

DT: Name someone who inspires you and why? 

KR: My children inspire me every day. As adults, we sometimes forget the little things in life that are important and I love that they make me take stock of that. Through the lessons that we teach them, I am constantly reminded to be fearless, treat others with respect, and most importantly, to have fun.    

Kim Rose

DT: What gives you joy? 

KR: Professionally, it gives me joy when a buyer finally finds their home. It is a journey and to be included in that is very special. Personally, I find joy spending time with my family and friends…especially in the summer months.

DT: Why buy downtown? 

KR: Right now it is a buyer’s market and there are so many opportunities to take advantage of. Low mortgage rates, quality inventory, and pricing afford buyers an opportunity to purchase in locations/markets that they were previously priced out of. For example, I have a beautiful loft available in Tribeca at 55 Hudson Street that would have been on the market for a substantially higher price a few years ago. A buyer came to my open house last week and told me he was so excited about the listing because he is finally previewing Tribeca properties, something that he and his family never thought would be possible a few years ago.

Click here to learn more about Kim Rose and see her listings.

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Featured Real Estate

Dottie Herman Q&A

DOTTIE HERMAN Dottie Herman began her real estate career in 1978, working as a broker for Merrill Lynch. When the real estate division was sold to Prudential, she became one of their leading brokers. In 1990, she borrowed $7 million from Prudential to purchase Prudential Long Island Realty. Despite the voices that told her she would not succeed, she turned the company into one of the most powerful brokerage firms on Long Island and in the Hamptons. In 2003, she and her partner, Howard Lorber, purchased Douglas Elliman, which has become the largest residential real estate brokerage in New York, and the third largest firm in the United States. This year, Herman will launch a new business venture that will focus on entrepreneurship for women, and a podcast aimed at women who are over 50. In addition, she is currently writing a book, and plans to expand into coaching, speaking engagements, and television. 

Downtown: Name three women that inspire you, and why:
 
Dottie Herman: I am inspired by Ruth Bader Ginsberg because of what she achieved on behalf of women and how she navigated a very biased field with grace, determination, and intelligence; Estee Lauder, because she started from nothing out of her kitchen and as a result of intense drive and ambition, made her dream into an incredible success, and welcomed everyone around her into her family; Lady Gaga because she followed her dream despite tremendous discouragement; she is incredibly talented and extremely brave.
 
DT: What has been the secret of your success?
 
DH: My success comes from having a vision, being persistent, working hard, and always possessing passion. I never let my success go to my head. I follow my heart. I follow my heart. I believe in helping other people and recognize the importance of being an effective leader, communicating my vision to the people around me and helping them be successful too.
 
DT: If you were going to pass on one piece of advice to a young woman looking for success, what would it be?
 
DH: You have to learn how to navigate the highs and lows, face inevitable challenges and ride the ups and the downs.  I learned early on that when there’s an obstacle in your path, you can’t let it stop you. Instead, you must figure a way around it. Take a breath, step back and stay committed to your vision.
 
DT: In the fight for women’s equality, what area do you think needs the most attention?
 
DH: Pay Equality. There is still a gender gap in pay. Women make approximately make 89 percent of what a man holding the same position earns.
 
DT: What are you most proud of in your career?
 
DH: I’m so proud of the fact that my partner and I built and raised the single largest independently owned company in the United States. I’m proud that I did something that I loved and did it well and helped many others along the way. 
 
DT: Where do you get your confidence?
 
DH: I’ve always possessed a lot of inner strength. I make sure that I associate with people who are positive.
 
DT: What makes a woman beautiful?
 
DH: Poise. Intelligence. A great smile.  Positive Energy.
 
DT: What gives you joy?
 
DH: My family gives me joy. Great friends. Lively debates. I’m an entrepreneur and I love that. I really enjoy building a company from nothing. And I love the serene and calming beauty of the ocean. I also love music.

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Architecture Design Featured

120 Broadway: Out With The Old and in With The New

Equity Building
Photo courtesy of Silverstein Properties

One of the most famous office buildings in Lower Manhattan, 120 Broadway aka the Equitable building, owned by real estate firm, Silverstein Properties, just completed its massive 50 million dollar renovation. A ribbon-cutting ceremony was held in celebration of the new designs Wednesday night, July 17, 2019. Redesigns were constructed by building tenant, Beyer Blinder Belle Architects, and Planners (BBB).

Photo courtesy of Silverstein Properties

Property owner and American businessman, Larry Silverstein, aimed to expand to the younger audience through the new designs within the lobby area and the buildings exterior materials. While renovating this entire building, much of the new renovations were also inspired by the original 1915 designs that architect Ernest R. Graham created for 120 Broadway, giving it a more modern and sophisticated taste. “The goal was to recreate what Ernest had designed throughout the building,” Carlos Cardoso, Director of Construction Administration for Beyer Blinder Belle Architects, and Planners said.

Renovations were done to the lobby, elevators, lighting, the 40th floor and more. The 40th floor and the rooftop were the most relevant areas to be redesigned since it is home to the Bankers Club, which was an exclusive club for professionals. The 40th floor has now been transformed into a rooftop lounge welcoming all tenants in the building to be able to enjoy the bar for food and drinks while resting on work breaks. The outdoor rooftop includes beautiful greenery and built-in seating to provide comfort and relaxation. 

Equity Building
Photo courtesy of Silverstein Properties

The Equitable building was first designed by Ernest R. Graham in 1915 and stood to be the largest office building in the world until 1930. The Equitable Building is also very famous for changing the zoning laws in New York City due to problems with ventilation, transit facilities, local residents, and more. The building’s height made an impact on how sunlight could reach into the city which affected a lot of people. Many people around the area made complaints and city officials quickly became concerned. Later in 1981, Silverstein Properties, owned by Larry Silverstein, purchased the Equitable building and yesterday he was able to cut the ribbon in honor of the building’s new transformation.

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Lifestyle Living Real Estate

333 PARK AVENUE SOUTH, 2-D

Listed by Michael Chadwick and Yana Toyber of Citi Habitats for $1,895,000, 333 Park Avenue South presents the rare opportunity to purchase a historic, live/work loft – designed by one of the world’s most renowned photographers.

Each room of the property is multi-functional, maximizing every square foot to perfection. The spectacular great room has approximately 14 ft coffered ceilings, an exposed brick accent wall, and an open staircase with glass railing.  Copious natural light streams into the space through floor-to-ceiling windows.  The open kitchen has granite counter tops, a breakfast bar – and Frigidaire & Gaggenau appliances, including a dishwasher.  There are up to 4 different sleeping areas and seemingly unlimited storage space – in addition to 2 full bathrooms that include heated floors and a Jacuzzi tub.  A brand-new, in-unit Whirlpool washer & dryer offers the ultimate convenience.

Designed by J.C. Markham in 1875, 333 Park Ave South has a rich history.  In 1881, Louis Comfort Tiffany opened the Tiffany Glass and Decorating Company (Tiffany & Co.) in the building.  In the 1960s, the address became home to many bold-faced names in the arts community.  Jerry Schatzberg was first artist (photographer/director) to move into the building.  He was a major influence in the 60-70s NYC scene and worked with and entertained Andy Warhol, Aretha Franklin, The Beatles, Bob Dylan, Edie Sedgwick, Faye Dunaway, Warren Beatty, Frank Zappa, Jimi Hendrix and The Rolling Stones (among others) in the space. 

The building’s celebrity connection continues to this day.  Amy Schumer, 50 Cent, James Franco, Lindsay Lohan, CeeLo Green, Jessica Alba, Linda Evangelista, – and many other sport and finance, religious, and social media figures have been interviewed and photographed in the loft.  Spectacular and fascinating, this one-of-a-kind treasure is the ideal dream home for those who love New York.

Click Here to View the Listing
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Business Featured News Real Estate

Visit the Gorgeously Redesigned Lobby at 55 Broad Street

The Rudin Family, one of New York City’s leading owners, operators and developers of privately owned real estate, has completed construction of the redesigned lobby of its distinctive 30-story office building at 55 Broad Street in Lower Manhattan. 

With 55 Broad Street, Rudin commissioned world-renowned architectural firm Fogarty Finger to reimagine and enliven the entrance and the lobby at the 425,000 square-foot tower, which is located on the corner of Broad Street and Beaver Street.

The brand-new lobby features all new white marble interiors, textured terrazzo floors and ornamental marble, as well as a highly reflective ceiling that brings more light into the space. Additional features include upgraded security with state-of-the-art turnstiles, a new reception desk, new seating and an increased presence from the street level.  Since completing the renovation, fintech company Dailypay has expanded to an additional floor, taking over 22,000 square feet at 55 Broad Street.

“The new lobby design will modernize 55 Broad Street for decades to come,” said Samantha Rudin, Senior Vice President at Rudin. “In working with Fogarty Finger, we created a lobby that merges the coolness of marble and a contemporary design with classic, warm details. Tenants and visitors alike will be welcomed into a space that is both new and timeless.”

The multi-million dollar project also continues Rudin’s ongoing reinvestment in its existing New York City commercial portfolio. Most recently, the company redesigned the lobby and public areas of 41 Madison in the Flatiron District, and completed a major renovation of its ground floor plaza and subway entrance at 560 Lexington Avenue in Midtown East.

Developed by the Rudin Family in the early 1960s and designed by Emery Roth & Sons, 55 Broad Street has long been regarded as one of the most significant smart buildings in the history of Lower Manhattan. The building was originally designed as the headquarters for Goldman Sachs before being occupied by Drexel Burnham Lambert. In the early 1990s, the Rudins worked to renovate, reengineer and transform the property into one of the most technologically-advanced towers in the world and the building was a leader in the revitalization of Downtown Manhattan.

In 1995, 55 Broad Street became the first fully wired office building in New York City, offering tenants satellite accessibility, single and multi-mode fiber optics, high speed category 5 copper wire, as well as a wide range of video conferencing, and internet access options and capabilities and a complete state-of-the-art work environment. It is currently designated Wired Certified Platinum for best-in-class connectivity, and notable tenants include Crown Castle Fiber, PJ Mechanical, City Year and Statista.

In addition to 55 Broad Street, other downtown office buildings owned by Rudin Management include One Battery Park Plaza, 80 Pine Street, One Whitehall Street, 110 Wall Street and 32 Avenue of the Americas.

Categories
Business NYC

4 Reasons New York Businesses Lose Money (And How to Fix Them)

New York is often regarded as one of the best places to do business in the world. It’s a leading city for both the national and global economy, has a rich tradition of big and small businesses, and is known for having one of the most professional workforces in the world. There are certainly worst places than New York to serve as the headquarters of your business.

That being said, no city is perfect, and New York is no exception. From a business standpoint, business owners in New York face some unique challenges that owners in other cities don’t. While many may rise to the challenge, others struggle, losing money simply because they don’t know how to address these unique issues. If your New York business is loosing money keep reading. Discover these four common reasons why New York businesses lose money, and how you can fix the problem.

1. Trying Too Hard to Underbid Competitors

One of the most common business strategies to beat out competitors is to price goods or services lower than the other guy. The problem is that this strategy often fails. It’s been proven time and again that consumers are willing to pay more,if the business produces a high benchmark of quality. Underpricing your goods and services may win you some additional converts, but not enough to offset your operating costs, especially in a city as expensive as New York. 

Build Your Value Instead

The name of the game in New York’s fiercely competitive economy is branding. Through a combination of marketing and advertising, your goal should be to differentiate yourself by building brand value. There are many other values that people derive from businesses besides price. Just a few examples are:

  • Convenience
  • Wish fulfillment
  • Saving time
  • Avoiding hassle
  • Quality service

By building a brand name in line with your target demographic’s values, you can charge a competitive rate and still enjoy steady growth.

2. Owning Too Much Real Estate

One common mistake that New York businesses, especially those just starting out, make is renting or buying too much office space. Space is scarce in the City that Never Sleeps, and office space comes at a premium. Market Watch reported that New York had the highest rental rate for office space of any major city in America, at around $74 per square foot. For businesses with few employees and a small customer base, this expense isn’t worth it.

Go Remote in Every Way

The best solution to this problem is to simply not have any office space or storefront at all. New York maintains a thriving small business community. It’s not unusual to see small teams meeting at local coffee shops or cafes to work, and those owners don’t mind a bit (so long as you buy something throughout the day). You could either go this route or just let your employees work from home.

The same can be said of your core business functions. Digital sales are starting to match in-store sales. Some economists believe that by 2025, online sales will surpass in-store sales. Whether your business deals in retail products or is service-based, you can completely eliminate your storefront costs by taking your business completely online.

3. Logistics That Don’t Move

New York isn’t in any danger of being called the most spacious city in the world. The city features some of the most cramped, congested roadways of any city in America. That’s bad enough for people trying to commute but it also impedes your ability to ship to local customers. Additionally, just getting in and out of the city can be a total nightmare.

Scale Your Logistics Footprint Down

Rather than storing a warehouse full of goods that have to be shipped via a semi-trailer, consider the benefits or micro-sizing your logistics. In the online retail world, many businesses opt to use drop-shipping to fulfill customer orders. This would help you reduce the cost of maintaining a warehouse and trim the need for large vehicles to transport your goods.

Alternately, you can follow the example other companies have been setting recently. Amazon has started hiring locals to make deliveries with their Amazon Flex program, while Uber has started offering drivers the chance to deliver groceries rather than taxi people around. You can take advantage of these smaller, localized shipping methods to reduce your overall costs.

4. Not Focusing On Marketing

In the movie Field of Dreams, Kevin Costner plays a farmer who builds a baseball field in his cornfield after he hears a voice tell him, “If you build it, they will come.” It was a fantastic premise for a great movie. The problem is that many businesses have adopted this quote as their guiding business philosophy – get the business running and customers will come. 

We’ve seen that strategy fail time and again. Lacking a well-planned and budgeted marketing effort is one of the most common reasons why new businesses fail, and established ones shut down. This is especially true in New York where let’s face, you’re far from the only one offering whatever it is your business does. We also suggest a few Facebook Carousel Ad Hacks that may give your business a marketing edge over competitors.

Get the Word Out – Then Keep Talking

Your marketing efforts shouldn’t just be a part of your business – they should be a coreaspect. We touched a little bit before on why distinguishing your business in other ways besides price is essential. Marketing is not only how you help establish those differentiating factors – it’s how people know you’re in business in the first place. 

Additionally, how you market is just as important as what you market. A 65-year-old retiree is most likely going to get their information differently than a 22-year-old Wall Street broker. When you research your ideal customers, one of the key data points you need is how they learn about new products and services. There are several different options

  • Emails
  • Banner and pop-up ads
  • Radio Ads
  • Television Ads
  • Print Ads

Additionally, marketing today goes far beyond just publishing ads. Young consumers, especially, want an experiencewhen they shop for products and services. They want to buy from authoritative sources within the industry. With that being said, items like an online blog, your participation in local events, and any philanthropic work you do is just as much a part of effective marketing as your ads.