Two years after moving to Compass, the top performing team returns to Douglas Elliman.
Along with Wesley Stanton and Jordan Hoch returning to Elliman are team members Annie Oszekki, Katherine Slotnick and Alejandra Kata Posas. The Stanton Hoch team earned over his $100 million in last year’s sale-side transaction, The Real Deals Ranking the top Manhattan home brokers.
Joining a broker, the team will focus on office-to-residential conversion projects.
“We are cooperating [Elliman Executive Chairman Howard Lorber] About the projects we have in mind and some projects he may have in mind,” Stanton said.
The idea of converting New York office space into residential units has been trending since work-from-home policies were established during the pandemic. reach a new peak Since the pandemic began, office buildings have I struggled to find a tenant.
Recovery in the city’s office market varies by region and type of property, but mainly Driven by a flight to quality.
“There’s a housing shortage in Manhattan that won’t necessarily go away anytime soon in the next few years, and new development will be needed there,” Stanton said.
Chris Schlank, founder and managing partner of Savanna Fund, said premium Class A offices will continue to find tenants, but Class C and B spaces are available.
“Bottom 20 [percent of office space] It will be ripe for alternative use.” Schrank said in The Real Deals New York City Real Estate Showcase and Forum May. “What I think and worry about is mid-sixties.”
But developers say the city will need to revive a defunct tax-reduction initiative known as 421-g if a major conversion takes place. The mitigation measures were enacted after 9/11 to facilitate the conversion of lower Manhattan offices into residences, but ended in 2006.
Hoch cites Dumbo, once an industrial district of warehouses and freight trains, as an example of Manhattan’s changing neighborhoods.
“Some buildings may have footprints that are too deep to convert effectively,” says Hoch. “We know Dumbo has completely changed over the last 20 years. I think Manhattan has a section that’s seen incredible growth.”
Compass representatives wish the team every success, and the broker “looks forward to continuing to work with them through Compass’ agents throughout the greater Tri-State region,” the company said in a statement.