Q&A
Discussion of tenant representative firms' compensation packages
0:17:34
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71 sec
Council Member Restler provides information about the substantial compensation packages that tenant representative firms like Cushman & Wakefield receive for transactions made on behalf of DCAS. Commissioner Molina acknowledges awareness of the maximum percentages these representatives can receive.
- Tenant reps can earn millions of dollars in commissions for large deals
- The 110 William deal could generate $6 million over 5 years for the account manager
- A potential Bronx Logistics Center purchase could result in a $13.4 million commission for the tenant rep
Lincoln Restler
0:17:34
Right.
0:17:35
So just for awareness and for the public record, for lease acquisitions like the 110 William deal, the account manager for the for the tenant rep on that deal makes $6,000,000 over 5 years.
0:17:47
If the Bronx Logistics Center site that Jesse Hamilton has been very focused on were purchased by Decast as he as as he has hoped, that would generate $13,400,000 for the tenant rep if it was purchased at the price that had been discussed.
0:18:01
So we're talking about very large sums of money.
0:18:03
These are extremely lucrative contracts.
0:18:07
Okay.
0:18:07
I just want to pull back a little bit some broader questions around the Decast Real Estate Division.
0:18:14
The Decast Real Estate Services Division is responsible for the space planning and management of 37,000,000 square feet, 22,000,000 of which are leased.
0:18:22
Citywide acquisitions, architectural design, project management zoning, land use analysis, property valuation, financial analysis of real estate transactions, and more.
0:18:30
This is a complex and critical role that de that DeCast plays for the city of New York.
0:18:39
Do you believe Jesse Hamilton is qualified to serve as the deputy commissioner for real estate services at DeCast?
0:18:44
And if so, why?
