I was hired by Louise Sunshine, a brilliant woman and great mentor, shortly after her
company was acquired by NRT LLC, the top real estate company in the United
States. The vast resources of NRT and the 2005 merger between The Sunshine
Group and Corcoran Group Marketing had the potential to launch Corcoran
Sunshine into the national arena, and represented the opportunity of a lifetime for
someone who’s as passionate about real estate as I am. Today, I’m fortunate to
work closely with Pam Liebman, president and C.E.O. of The Corcoran Group. I’m
proud to say that Corcoran Sunshine works on developments all around the
country, and is the premier real estate marketer in New York City.
In 2009, The Real Deal ranked your company No. 1 for having marketed more
new condos than any other brokerage. How do you maintain your edge?
It’s all about embracing change. Our buyers’ expectations have shifted
dramatically over the past year, so it’s been essential to move away from
outdated business modes. We also enjoy strong, meaningful relationships with the
brokerage community. They are with us through every step of the marketing
process, beginning with focus groups and ending at closing. Above all, Corcoran
Sunshine is known for our talent. We have the industry’s most experienced
salespeople, marketers, designers and researchers. We draw from diverse
professional backgrounds—architecture, fashion, entertainment, finance. It’s a
culture of constant innovation.
Tell us about some of Corcoran Sunshine’s recent noteworthy projects.
Since I became president in 2006, we’ve sold more than $9 billion in new
development—that’s significant for a company with $20 billion in total sales over a
20-year history! In the past year’s turbulent market, Corcoran Sunshine has been
“It’s exhilarating
to help form the
vision for a new
building.”
—Kelly Kennedy
Mack
hired to reposition and sell some of New York’s most
important developments, including Manhattan House,
Georgica and 515 East 72nd Street/Miraval Living. We
recently welcomed our first residents at The Lucida, a
building we have been intimately involved with for
years. But my most memorable recent moment was
when Larry Silverstein publicly unveiled his plans for 30
Park Place (Four Seasons Private Residences New York),
designed by Robert A.M. Stern. We have been working
with Silverstein Properties on the building for quite some
time, so that press conference was very exciting for us.
What is the state of new development, and what
opportunities are there for current buyers?
The new development marketplace is rallying. We’ve
seen an increase in activity over the summer, with
prices showing moderate declines. After two years of
growth, inventory is actually starting to decrease. It’s
difficult for developers to get financing, so there is
little supply coming in to replace the units being sold.
For buyers, there’s still a lot of high-quality new
development on the market and a sense of
negotiability. But these conditions are rare, and the
existing product is finite. I believe people are overesti-
mating how long this particular window will stay open.
What inspires you?
The physical transformation of a neighborhood, and
creating a sense of place where none existed before.
Changes can be small, like the meticulous restoration
of Jackson Square Park alongside the condominium
development at One Jackson Square. Or they can be
on a grand scale, like Extell’s master plan for Riverside
South. Both will forever change how Manhattanites live.
What’s your favorite part of the job?
It’s exhilarating to help form the vision for a new
building and see it come to life. Corcoran Sunshine is
typically involved from inception, when a building does
not yet exist and the site is just a parcel of land. We
often consult on everything from potential architects
and interior designers to the layout of the powder room.
The reward is, naturally, seeing and touching the
finished product, and knowing that there are people
living in a building that you helped create. ;
