Off the MRKT Q&A with Peter Zaitzeff, Sales Director of New Development at SERHANT.

Off the MRKT spoke with Peter Zaitzeff, New Development Sales Director at SERHANT., to discuss the firm’s innovative real estate marketing strategies, showcased in the Netflix hit Owning Manhattan. Peter offers insights into the unique allure of 200 Amsterdam — a best-selling luxury development on the Upper West Side featured on the show — and shares his perspective on emerging trends and buyer preferences in New York’s evolving luxury market.

Peter Zaitzeff

As New Development Sales Director at SERHANT., you're at the forefront of the company's rapid growth. How would you characterize SERHANT’s approach to real estate? What makes your team so successful?

SERHANT.’s approach leverages cutting-edge technology and a powerful social media presence, enabling us to stand out in today’s market. Ryan Serhant’s vision challenges the status quo and aims to truly disrupt the real estate industry.

Unlike traditional brokerage firms, SERHANT. has redefined how media is integrated into real estate, creating content that's both highly accessible and exceptionally polished. Our ‘Studios’ department illustrates this commitment — it's a dedicated in-house team focused on producing top-tier media content, which isn’t seen at other firms.

SERHANT. has become known for its innovative marketing and media presence, including the success of its Netflix reality show Owning Manhattan. How has the media exposure influenced the way you approach new development sales?

Media exposure is essential in today's real estate market, particularly for new developments — it puts our properties on a global stage, reaching an international audience. The response to Owning Manhattan has been phenomenal – our office has almost become a tourist destination, with people stopping by just to take photos of the building.

A luxury property on the Upper West Side, 200 Amsterdam, was featured in the season finale of Owning Manhattan. How has this type of exposure impacted buyer interest in the building?

Since the show aired, we've seen a significant increase in inquiries across the board. While a TV show alone can’t cement the sale of a luxury property, it has certainly generated considerable interest in 200 Amsterdam’s residences and attracted many prospective buyers following the building’s appearance in the finale.

Tell me a little more about 200 Amsterdam. What sets the building apart from other luxury buildings on the Upper West Side?

200 Amsterdam, one of the tallest buildings on the Upper West Side, is a rare ground-up new development in the neighborhood that seamlessly blends classic New York architecture with modern amenities and conveniences. With floor-to-ceiling glass windows, the tower offers unbeatable views of nearby Central Park and the Hudson River. The 10-foot ceiling heights, meticulously-designed layouts, and expansive living and entertainment spaces elevate each residence, making them truly exceptional.

Which of the building’s features have resonated the most with prospects?

200 Amsterdam’s open views of Central Park and the Hudson River are a major highlight, with some full-floor residences offering 360-degree panoramas so expansive that, on a clear day, you can see the Statue of Liberty. Buyers are also drawn to luxurious amenities like the 75-foot saltwater lap pool, state-of-the-art gym, sports simulator and composers-themed children’s playroom. The exclusive partnership with Lincoln Center, which provides residents with premier access to an array of performances, adds to the building’s unique appeal.

Additionally, the white-glove and concierge services, which can arrange everything from plane tickets to dinner reservations and dry cleaning, are particularly appealing to empty-nesters or those returning to the city after years in the suburbs, eager to experience the best of Manhattan.

We’re halfway through 2024. Looking at the New York City market, what are some of the key trends and buyer preferences we can expect throughout the rest of the year?

As we move into the latter half of 2024, we’re seeing a steady stream of contracts, especially from buyers focused on brand-new properties. Many of these are all-cash buyers from the tri-state area, looking for pied-à-terre units of varying sizes, intent on finalizing their purchases before any market uncertainty following the fall election.

In terms of buyer preferences, there’s a strong demand for residences with comprehensive hotel-style amenities and services, like those I mentioned earlier. Some buyers are opting to downsize or purchase new properties rather than undertake renovations. We’re also seeing a notable transfer of generational wealth, with families investing in properties for the long term.

What is it about these luxury buildings that compels parents to pay all cash for their adult kids? How is this trend impacting the luxury market?

Parents view these luxury buildings as solid, long-term investments for their adult children and future families. In the wake of the pandemic, there's also reassurance in knowing their children are in safe, secure buildings that offer everything they might need. This trend has been steadily growing since 2020, particularly among out-of-town buyers who prioritize full-service properties and proximity to institutions like Juilliard, Columbia and NYU. Even when buyers are purchasing for themselves, we’re seeing a rise in parents willing to pay a premium to be closer to their children attending college.

What advice would you give to someone looking to buy in the New York luxury real estate market today, whether as an investor or a first-time buyer?

My advice is to always aim for A+ properties, even in down markets — anything less is likely to suffer if the market shifts. A+ properties, like 200 Amsterdam, tend to perform well regardless of market conditions. It's important to find the right fit and act within the right time frame. As a broker, my philosophy is to help clients find a home they love that’s also the best possible investment for them.

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