Ryan Serhant Returned to Real Estate Reality TV With Netflix’s ‘Owning Manhattan’ | Canada News Media
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Ryan Serhant Returned to Real Estate Reality TV With Netflix’s ‘Owning Manhattan’

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To be lured back from his hiatus from the reality TV universe after 10 seasons on Bravo’s Million Dollar Listing: New York, NYC-based celebrity broker Ryan Serhant knew he wanted to do something different. “I didn’t want to make Million Dollar Listing: New York 2.0, or a spinoff of Selling Sunset, which has its own distinct style,” he says. “So, we’ve created a concept of elevated reality.”

The new concept, Owning Manhattan, launched Friday on Netflix. In many ways, it feels soothingly familiar to the slew of other popular real estate reality fare like Selling Sunset and Buying Beverly Hills: luxury listing porn, feuding peacocking agents, high-stakes sales. But with its soaring orchestra score, documentary-style filmmaking and Serhant’s outsized, time-tested personality, it offers a polished, insider’s look into Serhant’s new real estate agency, named, of course, SERHANT.

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“Ryan gives good TV because he is good TV,” says World of Wonder’s Randy Barbato, who executive produces the show. “It’s authentic. It’s not an act. Before we started filming, he’s been building this empire, and he has decided that he wants to be the N. 1 brokerage firm in the world. And to see someone trying to achieve that is amazing. On top of that, he is someone who has heart, and is funny and is a great businessman — they’re the things you’d put on a wish list and then expect AI to generate. But Ryan actually delivers it. And then on top of it, he has perfect skin.”

Most of the action takes place in the SERHANT headquarters in Soho, home of the former Tommy Hilfiger landmark store, which becomes a kind of character in the show. “It’s like the Soho House of real estate,” says executive producer Fenton Bailey, of World of Wonder.

Barbato agrees. “It’s very chic. It’s very happening. It’s very buzzy.”

With Serhant stepping into the role of brave leader and mentor, the show focuses on a mix of agents both old and new, with made-for-TV appeal and flash for days. “It is a Baskin-Robbins,” Barbato says.  “There are many flavors of amazing cast members in this cast.”

Standouts include Tricia Lee, a sophisticated, steely powerbroker in Brooklyn who’s looking to make it just as big in Manhattan; Jonathan Nørmølle, a tatted up, expressive Danish upstart; and Savannah Gowarty, a peach-pie fresh newbie from North Carolina.

“I lately have been equating the real estate business with the drag queen business,” says Bailey, longtime producer of Drag Race along with Barbato. “To be a great agent is just not that dissimilar to being a great drag queen.”

No one personifies this more than the brash Chloe Tucker Caine, a former Broadway star in Mama Mia! before becoming a top-selling agent.

“You have to be a triple threat,” Bailey says. “You’ve got to know your stuff about property. You’ve got to know how to sell it. You’ve got to know how to dress well. You’ve got to know how to walk and talk, and you’ve got to know media. You’ve got to know how to post great videos. You know what, drag queens and real estate agents are the Marines of reality!”

Although he is an old hand at being a reality star, Serhant admits that filming Owning Manhattan was daunting. “Shooting this entire show was terrifying. It was unlike anything I’ve ever done,” he says. “We shot the entire show in real time, and it’s the only real estate show where there are live firings. So, I don’t know if I would call those scenes ‘fun,’ but they were the most real I’ve seen on an docuseries, and I’m excited for the audience to experience them.”

Viewers will see a softer, mentor version of Serhant, encouraging brokers to “Take it to the Wall” (literally, a wall in the main office where agents list their big sales). It also delves into his goal of merging technology and real estate, especially through his Instagram, which has over 2 million followers.

“We’ve been making property shows for a gazillion years. I mean, the first show we made was Hot Property for Channel 5 in the U.K., literally last century,” Bailey says. “And it’s funny to see how selling real estate and homes has evolved and really fused with media and social media. it used to be that a listing would be just a few pictures, and you’d have to make an appointment — you’d have to go see it. And now, there’s 360-degree videos. There are drones flying through the house!”

Much of the drama of the season revolves around Serhant’s attempt to sell the soaring penthouse at Central Park Tower, the highest residence in the world with an elevation 17,545 sq. ft. Currently listed for $195 million, the penthouse serves as a metaphor for the great heights Serhant and his crew aspire to.

“The question ultimately was, what will make people look up from their phones? What if the show opens in voiceover, has a first-person narrator and, because all episodes release at the same time, the series feels like a documentary film — what does that look and feel like?” Serhant says. “Then, layer in incredible real estate as in the most extreme properties in the world, real deals being done for significant amounts of money, the backdrop of New York City, a diverse and unique cast of personalities and emotions — some who are new to the business and some who are quite seasoned — lots of drama and humor, and we surprise the audience until the final credits of the final episode. What would that be like?”

Viewers are now finding out. In a media space crowded with real estate fare, Owning Manhattan promises to be a breath of rarefied fresh air, with one old hat in the center of it all. “Ryan is back where he belongs,” Barbato says. “On everyone’s TV set all around the world.”

 

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Unlock Reliable U.S. Real Estate Opportunities with Oak Street Partners

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OAK STREET PARTNERS UNLOCKING OPPORTUNITIES  FOR CANADIAN INVESTORS IN THE U.S. RENTAL HOUSING MARKET

Oak Street Partners is leading the way in cash-flow-focused U.S. affordable housing investments

TORONTO, ON | NOVEMBER 18, 2024 – With the Canadian real estate market facing challenges and declining opportunities for investors, Oak Street Partners, a Toronto-based private real estate investment firm, is offering a new avenue for Canadian investors to diversify into the U.S. rental housing market. Oak Street Partners enables investors to passively invest in U.S. affordable housing, providing them with stable, cash-flow-focused returns while helping meet the growing demand for quality, affordable housing in the United States.

“Market conditions in Canada have made it more difficult for investors to find reliable, income-generating opportunities,” says Parker Christie, Founder & CEO of Oak Street Partners. “By turning to the U.S. affordable housing market, we’ve been able to create consistent, cash-flowing investments that benefit both our investors and local communities.”

Building on this approach, Oak Street Partners facilitates investment by strategically acquiring and managing properties in the U.S., particularly in the Midwest and Southeast regions. Investors provide capital, while Oak Street handles all aspects of property ownership and management. Similar to a Real Estate Investment Trust (REIT), but privately structured, Oak Street ensures investors receive stable, cash-flow-driven returns without the need for direct involvement.
A key part of Oak Street’s approach is leveraging the Section 8 Housing Choice Voucher Program, America’s largest federal rental subsidy program that pays private landlords rent on behalf of low-income tenants. This guarantees a reliable, high cash flow income stream, even when real estate markets are challenged with high interest rate environments. By leveraging this program, Oak Street is not only able to provide consistent returns to its investors, but it also enhances lower-income communities, creating sustainable, quality homes for residents.

“It’s a win-win situation,” explains Trumbull Fisher, Director of Oak Street Partners. “Tenants are able to secure and enjoy quality, affordable housing, while investors benefit from reliable, government-backed rental payments that ensure steady cash flow.”

By investing in these properties, Oak Street is able to support the demand for affordable housing, while also contributing to the broader social good by addressing housing shortages and improving community infrastructure. This dual focus on financial return and social impact is what makes Oak Street’s approach stand out in today’s real estate investment landscape.

In its first year of operation, Oak Street has acquired over 100 units in Ohio. With $10 million in assets under management, the company has been able to offer its investors a 10 per cent cash dividend, which was distributed nine months into its operation. This is a rare milestone for companies in their first year, as many real estate investment firms operate at a loss in their early stages.

“As we look to the future, our goal is to expand Oak Street’s portfolio in high-demand areas across the Midwest and Southeast,” adds Christie. “Our focus will remain on sourcing properties that deliver strong, stable returns while positively impacting local communities.”

For more information on Oak Street Partners visit oakstreetgp.com/.

ABOUT OAK STREET PARTNERS

Oak Street Partners is a real estate investment firm focused on creating diversified and stable opportunities for investors in the U.S. rental housing market. We offer a unique pathway for investors to build and expand their portfolios by investing in affordable housing opportunities, improving the quality of life for tenants while delivering consistent returns for investors.

Website: https://oakstreetgp.com/

LinkedIn: https://www.linkedin.com/company/oak-street-partners-gp

Instagram: https://www.instagram.com/oakstreetgp/

Email: info@oakstreetgp.com  n

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‘The Bidding War’ taps into Toronto’s real estate anxiety

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‘The Bidding War’ is a play skewering Toronto’s real estate market via a story about a one-day bidding war over the city’s last affordable home. The cast and crew say it exposes how the housing crisis brings out “the worst in people.” (Nov. 12, 2024)

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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