Compete With New Construction - Brand Your Building Now!

When I founded my interior design firm over 35 years ago, I couldn’t have imagined the quantity and scale of new residential development in New York City today. Fueled by a population boom that was never expected to end (the city gained 629,000 new residents between 2010 and 2019), real estate developers and speculators went on a construction spree that has completely altered the iconic skyline and increased the number of available condo units by more than 7,727 in Manhattan alone.

Even before Covid put the brakes on this growth, nearly half of all new condos were still unsold. So, developers are pulling out all the stops to attract the dwindling amount of qualified buyers, and they start with branding their buildings. The use names and logos designed to entice buyers with the promise of a unique urban lifestyle. Examples are the super cool Lantern House in Chelsea and the soaring VuNewYork in Kips Bay.

Every new development has its own website, too. The website lures buyers by helping them visualize what it is like to live there without having to be inside the building. Right now, if you go to online real estate sites such as StreetEasy and Zillow and click on a listing in a new building, you’ll find a link to the building’s website. Developers know that 97% of home buyers start their search online and are taking full advantage of that.

And this is leaving the older, established condos and coops in the city at a severe disadvantage. 90% of them don’t have a brand or a website.

I’m extremely proud that Sygrove Associates is New York’s number one lobby and hallway interior designers for established condos and coops. We’ve worked hard to get here and our reputation is stellar.

Our interior design work involves developing color palettes, selecting fonts for signage, and sourcing furnishings, materials, and artwork for our clients. Boards, committees and management companies hire us to give their buildings a new, fresh and elegant look to preserve and increase the value of their units.

It was during a meeting a few months ago with my marketing and website team, that something hit me over the head like a ton of bricks.

I decided to find out for myself what a buyer finds out about a building when they’re looking for a condo or coop on StreetEasy, the most popular site in New York. So, I jumped on and clicked on a listing that was in a new structure on the same block as a project we recently completed. In the listing was a link that took me to the building’s website and I was floored (no pun intended).

The website was gorgeous. Everything made this building irresistible. The name, the logo, exterior and interior photos, the virtual tour, and the copy that supported made me want to sell our place and move there!

Then I clicked on a listing for the building nearby; the one we worked on. The apartment photos were beautiful, but that’s no surprise. The first thing a broker must do to list a unit is get it professionally photographed. But, information about the building? Nothing except exterior shot (that looked like a cellphone photo) and a Google map.

I thought about all the planning, the meetings, the construction, and the investment our clients made to update this building and it made me sick that a bad photo and a Google map was all that they saw.

It turns out, branded residences command an average uplift of 31% compared to equivalent nonbranded schemes. Along with other advantages such as being found on the internet and the pride factor for residents, I became convinced that branding your older, existing condo or coop building is the most economical and effective way to compete with new developments for qualified buyers. So, I opened a new division!

Sygrove Branding Services provides your established building the power to attract buyers that are passing you by right now. It gives your building the opportunity to compete on a level playing field with new construction and win. We will brand your building.

If you don’t have a name, we will work with you to develop it. We’ll design a memorable logo you can use on everything, including your awning, weather mats, and staff uniforms. Our photographer will shoot your exterior and interior common areas so you’ll have high-resolution photos for marketing and brochures.

And finally, we will build you a stunning website with mobile-first design and best practices for search engines supported by expert copywriting designed to charm ideal buyers. Want a virtual tour? Done! Want to display floorplans and details of available units and broker information? No problem! Need a link for residents to log into HOA software? Of course.

My branding team consists of professional brand identity experts, website designers, photographers and copywriters. They have experience with real estate and they’re fully vetted. I’ve worked with them all on branding and website projects for my firm.

And, We Work In Harmony With Boards and Committees

My company is the region’s top lobby and hallway renovation/interior design firm not only because we are extraordinary designers. It is our ability to work in harmony with all stakeholders and gain consensus that makes us so sought-after. When you hire Sygrove to brand your building, you can expect the same.

I launched Sygrove Branding Services because I want to help established condos and coops compete with new construction on a level playing field and I believe branding and websites are the key. But, frankly, I was worried it would be difficult to convince boards and committees that it is a wise investment. Boy, was I wrong! In just one week of telling some former and current clients about it, we have a branding project ready to begin and four more in the proposal stage. They get it!

If you live in an older building with unsold units or you want to protect the value of your property in the future, I encourage you to jump on StreetEasy, search your building’s address, then put yourself in the shoes of a buyer. If you don’t like what you see, give me a call to discuss branding your building.

(Note: you do not have to be a Sygrove client to use our branding services.)

Marilyn

References:

• New York Times – New York City adds 629,000 people, defying predictions of its decline.
• Knight Frank Research – Branded Developments: The impact of branding on luxury residential developments
• National Association of Realtors® – 2021 Home Buyers and Sellers Generational Trends Report