Top NYC agent Erin Boisson Aries has joined Christie’s International Real Estate’s first-ever real estate brokerage in New York City. With more than 15 years’ experience in the luxury residential sector, Erin ranked as Manhattan’s #2 agent in 2017 by transaction volume according to The Wall Street Journal/Real Trends, and #4 nationwide.
Ms. Aries explains why Christie’s is a perfect new home for her flourishing real estate business as well as her insights on the NYC luxury market and how she approaches a crowded field of agents to provide the highest level of client service.
You and your team just made the jump to Christie’s International Real Estate. Why Christie’s?
We are thrilled to join Christie’s for the launch of their real estate brokerage, headquartered in New York City. Christie’s embodies a philosophy that mirrors one of the core focuses of my team: innovation and creativity in marketing luxury real estate, as well as offering expertise and discretion to a globally diverse clientele. It is luxury at a level where every detail has been considered, combined with the highest standard of customer service.
I am humbled to join the 251-year-old auction house in representing New York’s greatest estates and most promising new development projects, and I look forward to connecting my clients with those across the Christie’s global network.
What is the current state of the New York market?
New York City is extremely competitive within the luxury and super luxury subsets. Soaring land prices and construction costs over the past few years translated into increased pricing, which in turn led to a surge of ultra-high-end residential developments across the city. Subsequently, in the past 18-24 months, with extensive economic and geopolitical uncertainty, the market saw a shift in global buyer participation and fewer transactions than in previous periods. As a result, inventory is high across virtually every segment, but particularly in the luxury and super luxury price points. Buyers are presented with substantially more options than ever and are increasingly neighborhood agnostic. Over the past year we have seen significant downward pressure on pricing, where sponsors and sellers have been increasingly willing to negotiate.
However, it is still important to consider one fundamental element of our market: New York remains one of the world’s most popular cities in which to live and safest to invest. In fact, it placed third last year (just after Hong Kong and London) in Christie’s International Real Estate’s annual Luxury Housing Rankings.
What is your approach, and how is it different?
Our approach to representing all of our clients—whether they be buyers, sellers, investors, or developers—is built on, among other things, extensive market research. With real estate, like art, no two properties are identical, and we work hard to synthesize and adroitly interpret the data we analyze into pricing guidance and/or marketing initiatives that our clients can trust.
We couple this work with a strong design perspective, which we have developed in collaboration with some of the most innovative firms that touch our world. With our partners, we have developed marketing campaigns unique to each client, building or residence, paying careful attention to the design and architectural features of the property. Ultimately, our team functions as a workshop of professionals seasoned in a range of key competencies spanning sales, marketing, public relations, architecture, graphic and interior design, asset management, project management, property management, and general contracting.
Collectively, we identify and/or optimize a property’s distinct opportunity, which results in us achieving the best possible price in the shortest period of time.
What results have you seen?
The results have been substantial. We have achieved top prices for some of New York City’s most exceptional lofts, apartments, landmark townhouses and brownstones, as well as successfully positioned our new development projects to achieve extraordinary sales success. In our most recent development project, Foster + Partners’ 551 West 21st Street, we achieved the following significant sales milestones throughout the full sell out of its 44 residences:
- Record Sales Prices | 4x the Average
Achieved average unit sales prices over $10M, an amount nearly 4x greater than the Manhattan new development average, and 5.5x greater than the Manhattan average for all residential sales during the sales period
- Record Sales Velocity | 5x the Speed
Sold 20% of units prior to official sales launching; once listed, achieved an average absorption rate of one unit every 16 days, compared to the city average of 84 days on the market
- Record Sales Absorption | 32x the Rate
Placed into contract on average one unit priced over $10M every month for 20 consecutive months
What do you see in store in NYC for 2018?
With so much inventory at virtually every price point, buyers today have more choices than ever before, and are more educated as they consider multiple neighborhoods. Our role in this process in working with buyers is to parse out the jewels from marketing “noise,” and in working with sellers to ensure their properties stand out in an overly saturated market. With developers, we work to painstaking lengths to ensure every detail is considered and every opportunity optimized.
I am excited for the year ahead. I am inspired by the team at Christie’s with their commitment to innovate, differentiate, and elevate an already incomparable brand and level of customer service to this new brokerage. I look forward to what we will achieve together.