Douglas Harmon and Adam Spies

In a market where it can often be all about star power, the Newmark capital markets team sees themselves not as boastful brokers, but as trusted advisers. It’s a team that relies on depth, and that paid off in big ways during this past year of uncertainty: Newmark’s investment sales market share tripled last year.

“I like these kinds of years where it’s a little bit fragile, where not all boats rise with the sea,” said Douglas Harmon. “We’re in it to make long-term relationships, to be trusted advisers. How can we be successful in all of these different things? Listen, longevity and credibility are super-competitive advantages.”

Newmark, however, caught a few big waves. They served as strategic advisers for the $4 billion Blue Owl, Chirisa Technology Parks and Machine Investment Group joint venture in Lancaster, Pa., a deal in the outsize data center space. They facilitated the $541 million sale of Hudson Yards’ Equinox Hotel in November. The team also completed a $1 billion-plus senior housing recapitalization for a publicly traded asset manager, and was the lead adviser for the Gemini Office Venture, bringing in the capital for RXR’s acquisition and recapitalization of 590 Madison Avenue, 1211 Avenue of the Americas and the Starrett-Lehigh Building. And they set a modern New York residential building price record with the summer sale of 800 Fifth Avenue to Naftali, which came out to a staggering $2,275 per square foot.

Harmon spoke of retail, residential and workspace deals all hitting their stride this past year. As he sees it, the team skillfully captured an upswing, and did an excellent job of pulling in capital from around the world and focusing it on an ascendent Manhattan market.

“Go down the list: Sept. 11, Superstorm Sandy, Global Financial Crisis, COVID — New York is always hit the hardest,” he said. “We’re coming out of a number of situations today. And, right now, New York City is coming out stronger, and with less competition, than any other time I’ve been in business.”