Real Estate Presence in New York City
In an exciting move, Andrew Farkas agreed to bring his real estate presence to New York City through NAI Global, a commercial real estate network. NAI Global is a real estate firm that Farkas commonly works with and the deal involves New York-based EVO Real Estate Group. The full deal will includes linking the 165 firms placed with NAI Global with a New York head office backed, staffed, and run by EVO.
Some people may be unaware that Farkas is so heavily involved in NAI Global considering he only recently acquired the company as CEO of C-III Capital Partners in 2012. During this purchase and the following necessary transitions, Farkas managed to keep all of NAI Global’s external clients as well as add his own real estate clients from C-III Capital Partners.
The combination of EVO and NAI Global will help to fill a gap that some experts see in real estate networks within New York. New York is one of the most lucrative real estate markets in the world, but until now there has not been a large firm presence for commercial properties in the area. With EVO and NAI Global now working together, New York City will have a strong commercial real estate presence. This presence will make it easier for companies outside of New York to lease commercial property within the state and the city of New York City as well as for existing New York companies to find diverse new property offerings from one all-inclusive commercial real estate firm.
Farkas is an exceptional person to help fill this void because of his strong experience in the industry. For example, in 1996, Farkas was able to acquire Edward S. Gordon Co. and then turn around and sell the real-estate empire for $415 million in 2003. CB Richard Ellis paid the $415 million for the Edward S. Co. empire. Farkas has also proven himself to be particularly trend savvy and he has recognized that one of the best ways to build a real estate business is to focus on the collection of individual firms within a particular network rather than a network structure. This trend has been present in the brokerage industry for quite some time, but only recently has become popular in the real estate industry.