The iconic Manhattan skyline boasts one of the most in-demand views in the world — and real estate prices to match it.
Irish woman Sara Kennedy says the demand for multimillion dollar properties in New York is bigger than ever after a dip during the Covid-19 lockdown. “There’s no shortage of people with the money to buy or rent a highly sought-after property in New York, and the choices are exceptional.”
Rathfarnham-born Kennedy works for the Tuinstra-Davis real estate team, part of the Douglas Elliman real estate company which has 7,000 agents and 113 offices in New York and across the United States.
On the company’s website, listings start from about €100,000 for studios in the Bronx to €65 million and beyond for palatial penthouses in New York’s most salubrious areas. “Many of these have concierges, pools and elevators straight into the apartment — and amazing views of course.”
After completing a marketing degree in DIT in 2016, Kennedy worked as a brand manager for a food and beverage company before moving to New York to avail of a J1 visa opportunity.
“When I first moved over here in early 2018, I got a job with Unidays, a student affinity network, which assists in executing marketing campaigns and brand building. It was a great opportunity to connect and network. My friend and I lived in a railway apartment on the J train line. My window opened up to a wall. There was no light and obviously the train felt like it was going through it. It was a big adjustment, but that’s life in New York when you land fresh.”
In early 2019, Kennedy got an opportunity to work with Keller Williams Realty real estate company, starting as a trainee and going on to specialise in luxury residential sales and rentals in Manhattan and Brooklyn.
“Anyone can get a job in real estate. It only takes two weeks to get your licence. There are around 80,000 active agents here, but there are also a lot of properties. It’s cut throat, but at the same time, there’s enough for everyone to go round, so it’s good to have a good rapport with people.
“When you start off, you work with a team. You either represent the tenant or the landlord. At first, I represented tenants and would show them apartments, and make commission of the rental. But sometimes you can spend days with a tenant, and then they find something else at the last minute and you don’t get your commission.”
Kennedy says working on commission can be very brutal. “When I started out here in real estate, I also had two waitering jobs and showed real estate the rest of the time, effectively working seven days a week. But you have to do what you can to survive and you famously do really well with tips in New York — sometimes making up to €750 a night in tips.”
Kennedy got a job with Douglas Elliman real estate in May 2021. The company’s website is bursting with properties across the city and its many boroughs. “As a seller, you don’t have to know all of the areas inside out, but it comes down to the finishes in the apartments. People also focus on neighbourhoods, and the trendier one is, the more expensive.
“There isn’t much space in New York, so new developers here are so focused on the price per square foot, because property is at a premium. If they keep the apartments as small as they can, they can maximise the space as much as possible.”
Kennedy says you work long hours and evenings and weekends, and require lots of self-motivation and an ability to generate leads and hustle. “I’ve got leads through working at a cocktail and oyster restaurant, so you‘re constantly on it and you need to be patient.”
Since working with Douglas Elliman, Kennedy has moved to Williamsburg, a trendy district popular with Irish people.
“I pay €3,000 for a one-bed apartment in a building. A lot of people like to rent in New York, and I rent out properties in the building too. People like having a super, a doorman and someone who looks after their apartment, so renting is still very popular.”
According to April 2022 statistics, the median rent in New York is €3,500, with popular spots such as Williamsburg and parts of Brooklyn being more expensive than Manhattan. “It definitely has to do with Covid-19. A great outdoor community began in the boroughs, more so than in the city during the pandemic.”
Kennedy says she enjoys socialising in the area, which is on the other side of the Brooklyn Bridge. “Like many New Yorkers, I eat out more than in. So the standard of food and dining here is incredible. There is so much competition in the hospitality business here that a bad review would mean you’d shut down. I don’t work in bars any more, but still work weekends. But it’s amazing when you get the sale.
“New York is very much a work hard, play hard place, so you celebrate your victories.”
Since landing, Kennedy has received a green card and is planning on staying in New York for the foreseeable future.
“There’s so much happening here at the moment and it’s always exciting to be at the forefront of it. My apartment also has a great view and, when you live in New York, that makes it all worthwhile.”
