When Ross Geller yells “Pivot!”
With mortgage interest rates hovering around 7%, limited housing inventory and rising home prices, prospective buyers are facing a tough situation.
But one celebrity real estate expert and rising star of Netflix’s exclusive New York City-set real estate reality show, Owning Manhattan, hosted by real estate luminary Ryan Serhant, is urging potential buyers to go in a new direction: commercial real estate.
“Overall, I think commercial real estate is a better investment,” Jade Shenker, a licensed real estate agent with SERHANT, told Fox News Digital. “Right now it’s like a huge Black Friday sale. It’s a buyer’s market. Properties are really going for closer to 40-50% above market value.”
“The economy is always changing,” she added. “You don’t have something stay the same for 20 years. In commercial real estate, you have the power to turn a building into something else — you can subdivide it, you can sell it to different types of users. I think usability is more pervasive when it comes to commercial real estate in general.”
Commercial real estate generally refers to properties with four or more units.
This definition can apply to apartment buildings or condominiums with at least five units, or large rental housing.
It can also be classified as real estate used for business activities.
Schenker isn’t the only real estate expert to say commercial real estate is a better investment for those who can afford it.
Bruce Mosler, chairman of Cushman & Wakefield Global Brokers, previously told FOX Business that the future for the sector is “bright.”
“This year, we’ve seen increased demand. [Manhattan] “There is a certain amount of obsolescence in the commercial sector. But overall we need to recognise that when it comes to quality space, there is a very high demand.”
Schenker, Netflix explains The commercial real estate strategist, who made a name for herself as a Top 30 Real Estate Industry Disruptor and Advisor under 30, told Fox News Digital that she wants to make real estate “attractive” again amid a struggling market.
Since establishing SERHANT.’s commercial division, Mr. Schenker currently owns approximately $250 million in properties, has managed more than $650 million in luxury assets and has achieved notable results in restructuring, repositioning and remarketing projects.
For the 28-year-old, part of his remarketing innovation also involves music videos.
“Technology and marketing change over time, and for some reason, commercial real estate hasn’t been able to adapt to new marketing techniques that get properties in front of people all over the world. One of the reasons I came to SERHANT was Ryan’s vision to bring this marketing — video, this great approach to marketing in general — to real estate.”
Serhant’s company has a production studio that makes cinema-quality videos in-house, and Shenker is putting it to use in innovative ways.
“I’ve made music videos [for] “I’ve brought in artists from around the world – some well-known, some not – to help people pull out their phones and promote and showcase the property, so I’ve been very strategic,” Schenker added. “It’s not just about showing four bare, boring walls. It’s about transforming it and showcasing what can be done with the space.”
“What I want to disrupt is the way commercial real estate is marketed. There’s so many properties on the market right now.”
Earlier this month, Fannie Mae reported Only 14% of consumers said it is a good time to buy a home, down from 20% the previous month.
Despite the reportedly increased sentiment towards investing, Schenker said he believes owning real estate remains as much of an American dream as it has ever been.
“I think this is everyone’s dream. I don’t think it’s just the American Dream. America is a melting pot. If you come here, no matter where you’re from, if you have a dream, you can make it happen.”
“I think real estate is the sexiest dream in the world,” Schenker told Fox News Digital. “What could be sexier than owning part of the greatest city in the world?”
Netflix subscribers can watch “Owning Manhattan” as Schenker “glamorizes commercial real estate” as he explores the glamorous world of New York City real estate alongside real estate legend Ryan Serhant and his team of agents.
