They call it the “City that Never Sleeps.” Perhaps it is because of its inexhaustible list of things to do—restaurants, clubs, shops, and museums—or its reputation as the most desirable and unique city in the world today. New York City has admirers worldwide who are intrigued by its vivacity and prestige. Everyone wants a piece of the pie.

Marta Kaźmierczak talks to dr. Edward Capla from The Modlin Group, a New York Real Estate Agency.

They call it the “City that Never Sleeps.” Perhaps it is because of its inexhaustible list of things to do—restaurants, clubs, shops, and museums—or its reputation as the most desirable and unique city in the world today. New York City has admirers worldwide who are intrigued by its vivacity and prestige. Everyone wants a piece of the pie.

This especially proves true for New York’s strong real estate market. With the wide range of clientele, the city must cater to people from all walks of life. And they have to have one thing in common—deep pockets. With prices generally ranging from $1600-1700 per square foot for new construction and maxing out at $3500 per square foot for high-end properties such as The Plaza, buying a home is an intimidating financial commitment.

One real estate agent, who is also a successful investor, does not spend too much time concerning himself with details such as price per square foot. His clients are most likely buying their fourth or fifth home and are demanding the best avenues in New York with superior views and amenities. I sat down with Dr. Edward Capla, an agent with The Modlin Group in New York City, to discuss the various aspects of the real estate business in New York as well as his company’s role in the unique niche market they serve. True to New York fashion, I was blown away by Dr. Capla’s experiences and day-to-day roles in an exciting company that never sees a slow day.

- How did you decide to pursue a real estate career?

Edward Capla: I actually pursued a medical degree first. I went to medi-cal school in Poland and after graduating, I became a physician. While I was practicing, a close friend of mine from high school, who had been in the business for about 10 years, wanted to expand the company which he had started with his brother and take it to a much higher level. He asked me to join in and so I did. I knew I could bring in many of my clients. I also had many ideas of my own as to how to expand the company. We are a much different brokerage firm than any other in the city. Since I joined with them, it has been a tremendous experience and we’ve had much success.

- Why did you make the switch from medicine to real estate?

E.C.: There really was no switch. I will always be a doctor and hold my medical degree. I come from a family of doctors, including my parents and my sister. We have always had a strong business mind as well. So really, it was the perfect opportunity for me. I had always wanted to be a physician as well as pursue real estate. I believe it is the perfect combination. I’m treating people on one end, always taking care of their needs. In real estate, I’m doing the same thing when finding a property for my client. You want the buyer to find pleasure in buying a home and not it become a difficult process. I enjoy doing both and there really is no big difference to me in approaching either role.

- What kind of company is The Modlin Group?

E.C.: We are a boutique firm, specializing in the luxury real estate market. We deal primarily with A-list celebrities, athletes from different sports and leagues, as well as a variety of entrepreneurs and CEO’s from different companies and many investors worldwide. We provide the best customer service of any brokerage company in the city. We’re known as the top 2% of brokerages in this city for residential real estate and all of our clients are extremely pleased with the company. We treat all of our clients like one big family and not like mere business prospects.

- Why is the company so different from the rest?

E.C.: First of all, we are known as celebrity brokers. When you work with people such as Britney Spears, Alex Rodriguez and Usher, there is a special way in which you must handle this clientele. You must treat them with respect and discretion and it is extremely important to secure their confidentiality and sensitivity. A company must have many years of experience, which we do, to be able to provide these services.

- What does the company have to do to ensure these services?

E.C.: If working with a celebrity, for example, it is very possible that this person will attract fans and the media. We have to make sure everything is planned out completely to avoid any chaos. We arrange for these clients to view buildings after hours, when everyone is asleep. We also have access to many buildings in the city due to our close relationships with developers. They give us special privileges to actually go in and take our high-profile clients through, even though the property may not be ready to market. In addition, we provide private cars, especially for our VIPs. We present to them the knowledge and resources necessary to ensure a smooth transaction. This is what the company is about—providing a combination of knowledge, customer service, and care.

- How is the company impacted by all of the media attention that comes with dealing with celebrities and athletes?

E.C.: As a company, we don’t really get caught up in the media attention. This is not who we are. We’ve been approached by the media many times when working with famous clients but we never disclose any information. We respect our clientele and their privacy tremendously which, in turn, provides us with return business as well as referrals. The press has written many articles on the company stemming from personal interest based on what we’ve done. However, we have never asked for the press.

- What is a normal day like for you at Modlin Group?

E.C.: My morning typically starts at 7:30 AM. In addition to the clients we work with continuously, everyday, we receive new calls from potential buyers that we have to make special arrangements for. Sometimes, we have to drop everything we had planned for that day in order to assist these new clients. It changes day-to-day. We also have many meetings throughout the day, with different groups and charity organizations as well as sports agents and business managers. We try to expand in our business and explore everything possible to build it up even more. It’s a new agenda everyday.

- What do you think differentiates the NY real estate market from other cities?

E.C.: New York City is a very special and unique city due to its fantastic nightlife, restaurants, and the multi-ethnic culture. There is constant flow and therefore, demand. Most people in search of real estate in NY are now demanding property to own. Size doesn’t seem to matter either. What’s important is that they have a prestigious address in the most prestigious city. Appreciation is constant and supply and demand are very stable. People are willing to pay top dollars which influences developers to continuously increase their prices. It’s funny, most people know that they can get so much more for their money in other great cities but ultimately, it is the location and convenience they choose.

- Is NYC currently experiencing a huge boom in new condo development?

E.C.: Yes, it is. There’s been tremendous flow in the last 8-12 months. There’s unbelievable new construction in the Chelsea area, as well as downtown and in the financial district. There is the new Trump development, with 8 buildings and 2 more to come. On the Upper East Side and Midtown, many hotels are adding private home options for buyers, creating hotel-condo hybrids. This is becoming very popular. 

- Manhattan is such a small island to be able to sustain a growing city population. What are some other areas outside of the island that have interesting investment opportunities?

E.C.: Many areas around Brooklyn are experiencing restoration. The reason for this is to expand out but still be in close proximity to the city. Brooklyn has been the target of many new construction projects at lower costs. It is cheaper to live outside of Manhattan and the subway system takes only 5-10 minutes to get in and out. Also, you have spectacular views of Manhattan. Developers are building a lot of waterfront condo buildings. Many people in their 20s and 30s who cannot afford Manhattan are moving to Brooklyn and getting more space while spending less money. It has a lot of ethnic flavor and has become an extension to Manhattan. Queens and Harlem are also expanding. These areas are seeing brownstone rehabs as well as new construction.

- Is there opportunity to make a return on investment, particularly in these new up-and-coming areas?

E.C.: Developers in Brooklyn are buying land for $200/square foot and selling at $700/square foot. Obviously, there is appreciation from that standpoint. I believe that in 2-3 years, once these areas settle in, there will be definite appreciation potential. I don’t think that NY has any areas subject to depreciation.

- What is next for the real estate market in NYC?

E.C.: We’re experiencing a transitional period right now where buyers and sellers aren’t meeting in the middle. During this period when the economy and global issues are unsteady, people are more hesitant. However, this has not brought down the value or the price of property. The buyers who are hesitant are now renting high-end homes. It is taking a bit more time for sellers to sell their properties. However, if they are not motivated by time, sooner or later, the right buyer shows up. In a year or two, when the cycle comes back around, it will stabilize once again.

- So what do you think about investing in NYC?

E.C.: I am a very big believer in this city. I invest in many properties as does my family. There are other great cities in this country as well as all over the world. But no other city even compares. I honestly believe that New York will continue to thrive. There is nowhere for this city to go but up.

Spoken like a true New Yorker!