Celebrity real estate agent Ryan Serhant, who previously starred on the Bravo show “Million Dollar Listing New York,” shared details about his new reality show “Owning Manhattan.”
As Ross Gellar shouted, “pivot!”
With mortgage interest rates hovering around 7%, potential buyers are facing a challenging landscape of limited housing inventory and rising home prices.
But a celebrity real estate expert and the new star of Netflix’s New York-based reality show Owning Manhattan — hosted by real estate icon Ryan Serhant — is asking them to looking to buy in a new direction: commercial.
REAL ESTATE EXPERT RYAN SERHANT WARNS OF SELF-DESTRUCTIVE MISTAKE FOR HOMEBUILDERS TO SAVE A DOLLAR
“I think commercial real estate is the best investment overall,” Jade Shenker, a licensed real estate agent for SERHANT. firm, told Fox News Digital. “Right now, it’s like a giant Black Friday sale. It’s a buyer’s market. Things are trading at almost 40%, 50% market value.”
“The economy is always adjusting,” she added. “There’s never been a 20-year period where anything stays the same. And with commercial real estate, you have the ability to transform a building into something else. I mean, you can subdivide it, you can market it for different types of users … I think the usability is greater when it comes to commercial real estate in general.”
Commercial real estate usually refers to any property with more than four units. The definition may apply to a multifamily home or apartment building with at least five units, or to large residential rental properties. It can also be classified as real estate used for business activities.
Cushman & Wakefield Global Brokerage Chairman Bruce Mosler discusses the future of the commercial real estate market on ‘The Big Money Show’.
Shenker isn’t the only real estate expert touting commercial real estate as the best investment for those who can afford it. Cushman & Wakefield Global Brokerage Chairman Bruce Mosler previously told FOX Business that the future of the sector “is looking bright.”
“We’re actually seeing increased demand this year. I think we all agree on that [Manhattan] commercial sector, we have some seniority. But overall, we have to admit that when it comes to quality space… we’re seeing demand remain very high.”
4 KEY STRATEGIES FOR HOMEBUYERS IN TODAY’S CHALLENGING MARKET
Shenker, who Netflix describes as a commercial real estate strategist who made her name as a Top 30 Under 30 real estate industry disruptor and advisor, told Fox News Digital that she wants to make the properties real estate again “sex” amid market problems.
Since the establishment of SERHANT’s commercial division. with almost a quarter of a billion dollars in active listings, Shenker has managed over $650 million in luxury assets, with notable accomplishments in restructuring, repositioning and re-marketing projects.
For the 28-year-old, part of that re-marketing innovation includes music videos.
“Owning Manhattan” star Jade Shenker spoke with Fox News Digital about the premiere of her new show and her plans to disrupt the commercial real estate market. (Nur Selle/Fox News)
“Technology and marketing changes over time. And for some reason, commercial real estate has not adapted to new marketing techniques to be able to put a property in front of eyes globally. So one of the reasons I came to SERHANT . it was Ryan’s vision to bring this marketing — the videos, this extraordinary approach to marketing in general — to real estate.”
Least AFFORDABLE CITIES FOR POTENTIAL HOMEBUYERS
Serhant’s firm includes a cinema-quality production studio that produces those home videos that Shenker has used innovatively.
“I made music videos [for] the listings. I’ve got well-known artists from all over the world – famous and some infamous – to help people get out their phones and market a property and get it exposed. So I’ve been very strategic,” Shenker added. “It’s not just about showing four boring walls, which is the bare minimum. It’s about transforming it and showing what can be done with the space.”
“So what I’m hoping to disrupt is the way people are marketing commercial real estate. Because right now, there are so many properties on the market.”
“Owning Manhattan” star Jade Shenker hits the blue carpet premiere party in a repurposed wedding dress, turning “heartbreak into high fashion.” Real estate fans will watch Shenker’s journey from divorcee to disruptor on Netflix. (Nur Selle/Fox News)
Celebrity Real Estate Agent Shares ‘RICH AND FAMOUS’ CLIENTS’ ALBANIAN REQUESTS
Earlier this month, Fannie Mae reported that only 14% of consumers indicated it was a good time to buy a home, down from 20% a month earlier.
Despite the reported sentiment toward investing, Shenker said he believes owning real estate is as much of an American dream as ever.
“I think that’s everybody’s dream. I don’t think it’s just the American dream. America is a melting pot. You can come here and, no matter where you’re from, and if you have a dream, it’s possible for you.”
“And I think real estate is the sexiest dream in the world,” Shenker told Fox News Digital. “What’s sexier than owning a piece of the most amazing city in the world?”
Real estate legend Ryan Serhant pictured with the cast of his new Netflix show, “Owning Manhattan.” (Jason Malihan)
Netflix subscribers can now watch Shenker “make commercial real estate sexy” alongside real estate legend Ryan Serhant and his cast of agents as they explore the fascinating world of New York City real estate in “Owning Manhattan “.
GET FOX BUSINESS IN ALBANIA by clicking HERE