Jack Elliot Heard Real Estate at Compass

02/07/2020

“Real estate is the unofficial sport of New Yorkers” .. a client once said that to me and I loved it. So, New Yorkers, here is your ‘sports’ update:

Our industry was rocked today. Most of the headlines you may have seen will read something along the lines of “No Fees For NYC Renters”, “New York Bans Broker Fees” and “Renters Say Goodbye to Broker Fees”. What exactly has changed?

Simply put, Landlords must pay the fee for using an agent. It is now illegal for a Tenant to pay a brokerage fee to the Landlords (Listing) agent.

There is no change for a tenant who hires an agent to help them with the process of finding an apartment - they can still pay their broker a commission.

How does this impact the market?

As an advocate for our industry, the most frustrating part of this is that I do not see a ‘win’ for Landlords, Agents or Renters, let me explain..

If Landlords are now solely responsible for covering the fees and expenses with renting their apartments, this will lead to inevitable rent increases to cover the unexpected costs.

For Agents, those that have built landlord focused business models are at risk of their business virtually going out of business as Landlords seek alternative options. I personally know many incredible agents who have built their careers on this business model and this law change is going to be detrimental to their careers.

For Tenants, rents will increase as the brokerage fee will be factored in to the price - as is often the case with “No Fee” apartments listed online.

Collectively and perhaps most concerning of all is that the integrity of our profession is at risk. Landlords being forced into using cheaper alternatives to hiring professional agents will no doubt have a trickle down effect to the quality of data and listings that consumers find online.

The transparency of the rental market has came on leaps and bounds over the past 5 years and I fear that these rash changes in policy will send the residential rental market back in time.

Change is inevitable (and ok), but change without consulting industry experts and considering the overall impacts can be damaging in many ways.

DM or text if you have questions 📲

03/20/2019

Sold & Closed 🙌🏻
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140 West End Ave Unit 28C
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$1,925,000
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3 Bed 2 Bath
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Delighted to have closed on this sale and deliver a great result to our Seller with
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01/10/2019

For Sale! ... The iconic Chrysler Building is on the market, rumors are circulating about its asking price but most recently a 90% stake in the building was purchased in 2008 for $800 million. I wonder if the owners will recoup their investment?

New York City’s famed Chrysler Building is up for sale, as the art deco landmark’s owners face high costs and stiff competition from new towers.

01/06/2019

New Year, New Team!
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I am both proud and excited to announce that Heema Khedr Team - Not Your Average Broker and I have partnered up to form The Heard | Khedr Team 🤝
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Last year, we collectively helped over 250 people find their place in world, whether they were buying, selling or renting an apartment
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From helping roommates rent an apartment for the first time, to finding the perfect home for first time home buyers
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From seasoned investors looking for their next real estate asset, to someone looking to sell their co-op, condo or townhouse
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The Heard | Khedr Team is here and we look forward to helping you achieve your real estate goals in 2019

12/26/2018

Merry Christmas!🎄
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2018 has been a continued year of growth and it would not be possible without the support and trust of my incredible clients. 🙌🏻
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2019 will be the most fulfilling and exciting year on record .... news coming soon 🔜
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11/08/2018

LIC becoming its own version of Midtown is very possible. Sunnyside, Astoria and Greenpoint would all feel the impact if this happens.

LIC has been awash with new resi and office space. It may be because of those factors — not in spite of them — that Amazon may put half of its HQ2 in

10/12/2018

Watch this stunning timelapse from the 36 ft long terrace of our new listing just launched at 140 West End Avenue. Link to full listing in comments...

09/27/2018

👍🏼JUST LISTED👍🏼
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📍166 East 61st Street, 7K
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🛏 Studio
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💰$470,000
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Location, location, location. Perfect place to call home or make it your NYC pied-a-terre.
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💎Full service luxury building
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👠Steps from world class shopping
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09/25/2018

Since the beginning of 2018, Yorkville (Upper East Side) has been behind only Tribeca when it comes to new development condo sales. As of July, Yorkville had clocked just over $260M in new dev sales, with Tribeca just surpassing $288M.

Since the completion of the Second Avenue Subway, real estate values, volume of sales, and rental prices in Yorkville have experienced an upswing.

09/25/2018

Apartments like this do not come up for sale very often in the downtown Manhattan real estate market. 3.8% cap rate, asking $988,888 and just $816 combined monthlies - the perfect investment opportunity, perhaps for a

Rare downtown investment opportunity at the boutique condominium, 259 Elizabeth Street! With monthlies at $816 and a rental income of $3,800 per month, the

09/25/2018

Offered at $850,000 - 18E at the Chartwell House condominium. Located just two blocks from the new Q Second Avenue Subway!

Sitting on the west side of the Chartwell House, Residence 18E is the home or investment property you have been waiting for. Quiet, bright westerly exposur