Real Estate Companies in NYC - Competitive Landscape

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Real Estate Companies in NYC

Vornado Realty Trust, SL Green Realty Corporation, Empire State Realty Trust, and Related Real Estate Company are some competitors to Durst. Vornado Realty Trust annual revenue for 2018 was estimated to be $2.164 billion — a 3.82% increase from 2017. SL Green Realty Corporation annual revenue was estimated to be $1.227 billion in 2018.

1. VORNADO REALTY TRUST

MARKET SEGMENT

  • Vornado Realty Trust is a public company founded in 1982 — the company is a commercial real estate company which has become the preeminent commercial landlord in New York City.
  • Vornado Realty Trust is focused on acquiring and developing irreplaceable assets within prime submarkets.
  • The company has a collection of premier assets and is focused on increasing its dominant presence in the New York and Manhattan retail.
  • "Vornado’s office holdings are located primarily in Midtown Manhattan" were major activities are carried out. Other dominant submarkets include Grand Central, Midtown South, Plaza District, Penn District, Columbus Circle and Downtown (S 2)
  • As of December 31, 2018, the occupancy rate for our New York segment was 97.0%.

REVENUE

  • Vornado Realty Trust annual revenue for 2018 was estimated to be $2.164 billion — a 3.82% increase from 2017.

NUMBER OF PROPERTIES

  • In 2018, the New York segment consisted of 27.9 million square feet in 87 properties. This is made up of 19.9 million square feet of Manhattan office in 36 properties.
  • The New York segment also includes 10 garages totaling 1.7 million square feet (4,875 spaces); 2.6 million square feet of Manhattan street retail in 71 properties; 1,999 units in eleven residential properties.
  • Vornado Realty Trust owns the 1,700 room hotel Pennsylvania located on Seventh Avenue at 33rd Street in the heart of the Penn District.
  • A 32.4% interest in Alexander’s, Inc. — which owns seven properties in the greater New York metropolitan area, the 1.3 million square foot Bloomberg, L.P. headquarters building.

2. SL GREEN REALTY CORPORATION

MARKET SEGMENT

REVENUE

NUMBER OF PROPERTIES

  • SL Green holds interests in 96 Manhattan buildings totaling 46.4 million square feet.
  • The company "ownership interests are 27.7 million square feet of Manhattan buildings and 18.7 million square feet of buildings". SL Green held ownership interests in 7 suburban properties comprised of 15 suburban buildings totaling 2.3 million square feet in Brooklyn.

3. EMPIRE STATE REALTY TRUST

MARKET SEGMENT

  • Empire State Realty Trust is a commercial real estate company located in Manhattan and Greater NY Metropolitan.
  • Every property the company offers has a broad range of services and amenities, including responsive building management, as well as unsurpassed quality, service, and convenience with easy access to transportation.

REVENUE

  • Empire State Realty Trust annual revenue was estimated to be $732 million revenue in 2018 — the company total assets valued $4.196 billion.

NUMBER OF PROPERTIES

  • The company has six standalone retail properties totaling approximately 10.1 million rentable square feet.
  • Nine office properties are located in midtown Manhattan, including the Empire State Building, the world’s most famous building.

4. RELATED REAL ESTATE COMPANY

MARKET SEGMENT

  • Related Real Estate Company focuses on residential and commercial properties market segment.
  • The company is located in the New York City — Related Company was listed as a top real estate company in New York and as a direct competitor to Durst.

REVENUE

  • Related Real Estate Company annual revenue was estimated to be $199.24 million in 2018.

NUMBER OF PROPERTIES

  • The companies own and manage a premier portfolio of assets of the highest quality valued at over $60 billion.
  • "Our operating portfolio consists of a diversified mix of properties including 32 luxury rental buildings with over 13,000 apartments".
  • The company has over 30 million square feet of commercial space, 5,500 luxury condominium residences and approximately 60,000 affordable and workforce housing units.
  • Some company choice properties in New York are — Hudson yards, The Easton, Equinox Hotel New York, One Hudson Yards among many others.

RESEARCH CRITERIA

We began our research by combing through government websites and companies websites for information regarding commercial real estate companies in NYC that are in direct competition to Durst. To address all aspect of the request — we filtered a list of commercial real estate companies headquartered in New York City. Our research team went further to locate companies that are in direct competition with Durst — the criteria used were commercial real estate market segment, revenue, the number of properties, and location.
We, therefore, concluded that Vornado Real Trust, SL Green Realty Corporation, Empire State Realty Trust, and Related Real Estate Company are some competitors to Durst.

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