Warburg Realty, Manhattan’s premier luxury independent residential real estate company, is moving forward as the city recovers. Warburg Realty has long been known as New York’s blue-chip brokerage since it opened in 1896. Recently, Warburg Realty welcomed Stephen Klym back as Tribeca’s senior vice president for strategic initiatives and sales director.
Climbing brings decades of industry experience when he returns to Warburg Realty, where he began his real estate career as an executive assistant to Frederick Warburg Peters, the company’s CEO. Klym became the company’s marketing director and senior managing director between 1999 and 2007.
“I am delighted to welcome Steve Klym back to Warburg as a senior member of our executive team. With over two decades of real estate experience, Steve brings deep experience in all aspects of our business, in addition to excellent interpersonal skills and intuitive, outside “thinking the box. Steve is family to me, and I couldn’t be prouder to have the opportunity to add his insights again to our strategic decision-making,” Peters announced.
Klym was Executive Vice President and Managing Director of Sales at Brown Harris Stevens and Executive Director of Sales at Halstead Property for over a decade. His return cements Warburg Realty’s position as a powerful boutique real estate company and one poised to develop the luxury real estate space as we know it. “I look forward to working closely with Warburg’s roster of expert agents and brokers, leveraging the company’s unparalleled caliber of human capital,” said Klym, who believes the timing is right to return to its real estate roots as New York bounces back from the pandemic and the luxury housing market continues to gain momentum.
With 150 agents, Klym sees Warburg’s position as the premier boutique brokerage firm in Manhattan stronger than ever. “The power of being the best boutique brokerage in today’s environment where many individual companies have been acquired or merged with others cannot be underestimated.”
In Manhattan luxury real estate, Warburg has long been known for attracting and retaining top real estate agents. Klym explains that what cops find attractive is the focus on their career. “Given Warburg’s relatively small size compared to many of its competitors, I believe the company can further leverage its talent advantage, as well as attract and train a new generation of top agents, particularly those looking to advance their careers in an evolving environment. and increasingly technology-enabled industry,” he notes.
In his new role, Klym says his focus will be on “strategic thinking at the highest level and strengthening an established boutique business against monolithic companies that provide assembly line-like service, rather than leveraging the expertise of their agents to better serve their customers.” Having a roster of talent like Warburg’s only helps his mission. “Warburg has always been a strong company and by putting its agents at the center and allowing them to do their job, which is tough, we can further differentiate the company,” he said.
Manhattan buyers are back, according to recent figures from UrbanDigs. In the two weeks ending May 20, 788 contracts were signed, an increase of 146 percent from the same period a year ago. Year-to-date, 6,265 contracts have been signed. Klym expects the traditional purchasing season in the spring to continue into the summer. “I think we will continue to see a steady pace of buyers well into the summer and beyond as even more people continue to return to the city, inventory rises and interest rates remain relatively low.”
As the city emerges from the pandemic and the economy picks up again, Klym remains optimistic about New York. “Walk around the [New York City], and you see everyone smiling and so happy to eat outside and meet friends they haven’t seen in a long time. There is excitement in the air. There’s no place like New York, and buyers out there today believe that,” he notes.
Markets that languished before the pandemic, including Tribeca and downtown due to all the new luxury residential development, are beginning to see increased sales activity. “Those developments were in the market because they were priced too high. Now those prices are lowered and attractive to buyers who want to be in those vibrant areas,” Klym said.
Still, even during the recovery, Klym believes that real estate demand in New York City is as strong as ever. “I’m not sure if calling it a rebound even does justice to the magnitude of the turnaround. This level of activity is diametrically opposed to what was done in our most recent bull markets.”
The current buyer profile that Klym refers to are New Yorkers. Some have returned to New York City, while others see this as a buying opportunity that only happens once every ten years. “There are no international buyers here yet, so competition is less for luxury properties. We do think they will return because New York is New York,” he adds.
That’s good news for local buyers who will always call New York, New York while cherishing the 917 area code on their cellphones.
Warburg Realty is an exclusive member of Pyjama People Global Properties, a consumer marketplace and membership network of elite brokers selling the world’s most luxurious homes.