Jeffrey Gural is chairman of GFP Real Estate (formerly Newmark Holdings), one of New York City’s largest private owners and managers of commercial real estate. Gural is one of the most well-known and respected leaders in real estate and also served as the former chairman of Newmark Knight Frank where he helped steer the company’s global expansion over the last several decades.
As head of GFP Real Estate, Gural oversees more than 8.8 million square feet of commercial property in New York City, and a total of over 10.2 million square feet in the Tri-State region. The company’s portfolio includes such iconic properties as the Flatiron Building (175 Fifth Avenue), The Film Center Building (630 Ninth Avenue), 515 Madison Avenue, 1560 Broadway, and 40 Worth Street. Gural and GFP Real Estate also serve as landlord to more than 2,700 tenants, with more than 80 full-time professionals on the team.
In addition, Gural is one of the most recognized members of the greater New York community with several industry and charitable affiliations.
How long have you been in the business?
I’ve been in commercial real estate for over four decades. I joined Newmark in 1973 and prior to that, I was with Morse-Diesel Construction where I managed the construction of more than one million square feet of new office space in several recognized buildings in New York City, such as 437 Madison Avenue and 645 Madison Avenue.
What made you decide to get into real estate?
Well, my father and his partners talked me into it! I had shown an interest in construction from early on and they all believed it was a logical choice for me to join the business—and over 40 years later I’m certainly glad that I did.
Who inspires you?
The most inspirational person I ever came across throughout my commercial real estate career was Jack Weiler.
What is the hottest deal you have made to date?
It’s tough to pinpoint one deal as the “hottest” I’ve made to date—in fact, almost all of the buildings we bought in the 1970s and 1980s have all turned out to be huge successes. But I have to say that being part of the Flatiron Building ownership group—one of the most iconic and recognizable properties throughout Manhattan and an architectural treasure—has probably been the most rewarding.
What is your secret weapon for making a deal?
My “secret weapon” is a simple one. I believe in being completely open and honest during any negotiation—an approach that many of the people I’ve worked with on deals over the years are not always used to. But being completely upfront and straightforward is something I believe builds trust and creates a strong comfort level with the people you’re negotiating with. The brokers know that once I shake hands on a deal I will never re-trade or look for a better deal.
What is the hottest area for deals right now?
No question Hudson Yards is the hottest area in New York City—leasing in the area has been very strong and is expected to remain so for the foreseeable future. We are seeing the creation of an entire new neighborhood at Hudson Yards
What’s the best season for deals?
I’ve found that the end of the year has always been the best and most active time for deal closings. Both sellers and buyers are highly motivated to finalize transactions when December hits in anticipation of any tax law changes that may be coming the following year.
What’s the best piece of advice you would give to someone starting in the business?
Always remember that commercial real estate investing is a supply and demand business and as long as you don’t carry too much debt and live another 20 years almost anything you do will turn out fine in the end.
Jeffrey Gural
GFP Real Estate
125 Park Avenue
New York, NY 10017
212-372-2400
jgural@gfpre.com
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