Kayla Lee, a real estate broker at New York brokerage Serhant, looks back on a brokered transaction volume of over 1 billion US dollars across more than 850 residential units during her ten-year career. While she focuses on luxury resales in Manhattan, she targets the new development segment in the outer boroughs of Queens and Brooklyn. Prior to her career in estate agency, Lee worked in finance at J.P. Morgan and for a hedge fund before acquiring properties as a private investor.
Strong development momentum in Queens and Brooklyn
Lee deliberately expanded into marketing new developments after purchasing a new-build flat of her own in Long Island City. Today, she manages projects in neighbourhoods such as Long Island City, Astoria and Sunnyside in Queens, as well as Greenpoint in Brooklyn. Most recently, her team concluded the sell-out of a 171-unit new development in Greenpoint, where sales prices were raised 13 times over the course of marketing.
Her team's project pipeline stretches well into the future, with an average of around two completed residential buildings scheduled per year up to 2031. In Lee's view, Queens offers significant locational advantages. The borough is closely connected to Manhattan with a travel time of 15 to 20 minutes, while offering prospective purchasers a quieter setting with parks, dining options and more open sightlines away from dense high-rise development.
Changing buyer requirements and technical criteria
Following post-pandemic shifts in working patterns, Lee notes a reprioritisation among buyers. Whereas the micro-location in Manhattan was previously paramount, purchasers today demand more living space, natural light and higher ceilings. Building amenities such as swimming pools and fitness suites with saunas are also sought after, alongside immediate proximity to green spaces and transport hubs.
At the same time, technical demands on residential buildings are rising noticeably. According to Lee, buyers are paying greater attention to well-considered specifications that combine energy efficiency with comfort.
- —Variable refrigerant flow (VRF) systems for precise and efficient building cooling
- —Triple-glazed windows for optimised insulation values and noticeable acoustic protection
- —Generously proportioned kitchens and flexible floor plans for working from home
