David Badner joined Norman Bobrow & Co. Inc. in 1998 and today serves as senior director. As a fourth-generation real estate professional, Badner uses negotiation skills to find the right space at the lowest price for the tenant, which has resulted in leasing hundreds of thousands of square feet throughout Manhattan. Since joining Norman Bobrow & Company, Badner has been involved in the acquisitions of over 55 properties in 15 states and has negotiated hundreds of leases.
Badner’s clients include the International Labour Organization for the United Nations, Dahesh Museum of Art, J.P. Morgan Chase, Davidson Dawson Clark LLP, Virgo Empire Business Centers, Samson Management (Real Estate), HappyFamily, Chilewich LLC, Target Health, American Israeli Political Affairs Committee (AIPAC), The United Synagogue of Conservative Judaism and the leasing of the former Village Gate on Bleecker Street. He has also been active in leasing showroom and office space to several apparel companies, including Elie Tahari Corporation, Ecko Unlimited, Hanky Panky, Samara Brothers and Salant Corporation.
Badner received his B.S. in Communications from Boston University. He is a member of the Real Estate Board of New York and a licensed broker in New York. He also serves on the New Leadership Committee for the Children at Heart, a Children of Chernobyl organization.
How long have you been in the industry?
21 years.
How did you get into the industry?
Although I come from a family deeply involved in real estate, I had never considered the industry. In 1998, I left a job I hated and decided to work as an assistant to my uncle Norman Bobrow. After working side by side for a month, I saw the potential in the brokerage business and that I had the ability to generate income beyond what I had thought was possible. A month later, I got my real estate license, and the rest is history.
What advice do you give to someone starting in the industry?
Know the market. It sounds simple, but it can really separate you from the other brokers in the industry. When I meet with a prospective customer, I usually come up with four or five options to discuss with them right off the bat. I constantly look at space and I study market availabilities daily. There have been many instances where I have shown a customer only one space; that comes with extensive knowledge of the market.
Who inspires you?
My grandfather (who passed in 2006) was a huge inspiration. He was forced to drop out of school to support his family when the Depression hit, yet he did not let that stop him from achieving great success in real estate. As bad as things can get out there, he was proof that you can overcome the tough times.
What are challenges today in the office rental market?
A year ago, I would have said the greatest challenge was the competitive office market due to WeWork and Knotel grabbing everything in sight. Today, however, is a different world. The challenge is that we don’t know what to expect, and because no one in our lifetime has experienced a pandemic like this, we don’t yet know how to approach it. I am working with tenants who have leases expiring and are currently at a standstill since we are unable to look at office space in this environment.
What are the challenges in the retail sector?
Retail was already having its issues in our post-Amazon world and, unfortunately, things have only gotten worse. For years, landlords have held on tight to their rentals and over the past few years have significantly reduced their rates, but they are going to have to seriously cut their rents if they want to survive. I have a tenant who was about to sign a lease on approximately 9,000 square feet of retail space. Now he only wants to take a third of the space, with an option for the rest when things start getting back to normal. Landlords are going to have to make these deals happen if they want to survive the storm.
How are you dealing with the current situation?
I am trying to stay connected with as many clients as possible. Since we are unable to physically look at space, we are trying to see if we can either renew or at least extend the lease for a year or two. Whatever the situation, they know that I am here to help navigate them through these tough times.
