‘Owning Manhattan’ is Ryan Serhant’s latest mash-up of reality drama and luxury real estate

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As someone who has spent my entire career in the high-stakes world of Manhattan real estate, I can tell you that every day brings new challenges and opportunities. It’s a rollercoaster ride, filled with intriguing characters and jaw-dropping transactions.

Ryan Serhant doesn’t know selling real estate without a television show.

As a cinephile, I’d put it this way: Following a brief stint as an actor and a new chapter in real estate, I found myself unexpectedly joining the cast of Bravo’s hit series “Million Dollar Listing New York.” This show was a spin-off of its successful L.A. counterpart, taking viewers on exclusive tours of million-dollar properties while adding a dash of drama among competitive and cunning real estate agents vying for listings or sales. Debuted in 2012, it ran for nine thrilling seasons, paving the way for the popular format of high-end real estate exploration blended with reality TV excitement.

Right from the beginning, Serhant aimed to make a big impact with an extravagant, high-energy salesman persona. He wore lion costumes from “The Chronicles of Narnia” and even jumped into a pool during open houses as part of his antics. Throughout his career, he successfully negotiated several deals and collaborations with Bravo, most recently creating “Ryan’s Renovation” (2021) which documented the renovation of his Brooklyn townhouse where he lives with his wife and daughter.

In the year 2020, Serhant established his personal real estate brokerage, and he allowed filming once more – this time for Netflix’s streaming platform. Notably, Netflix has increased its investment in real estate reality shows, including “Selling Sunset” and “Buying Beverly Hills.” In the new series “Owning Manhattan,” viewers can observe Serhant and his team of brokers as they strive to secure some of New York’s most desirable properties, occasionally engaging in competition with one another.

During a recent video chat from New York, Serhant shared insights while en route to his next engagement. He discussed transitioning from Bravo to Netflix, managing drama in reality TV as a leader, and the enduring appeal of luxury real estate for budget-conscious viewers. This conversation has been revised and shortened for better understanding.

Harlan Berger, left, is a developer who appears in “Owning Manhattan” with stars Ryan Serhant, Nile Lundgren and Chloe Tucker Caine.
(Netflix)

I’ve had a deep connection with Bravo for quite some time now. In fact, when I first started my company, I pitched them an idea for a show. The response was encouraging, but it wasn’t quite the right fit at the time. Fast forward to today, and the landscape of media has shifted dramatically. Netflix, in particular, has emerged as a major player, offering creators like me unprecedented freedom and resources. So, after careful consideration and much deliberation, I decided to take a leap of faith and join forces with Netflix. It’s an exciting new chapter in my professional journey, and I’m looking forward to seeing what the future holds.

When I decided to establish my own company, I discussed it with Bravo and my agents. They cautioned me that just as “Million Dollar Listing” follows real estate agents selling properties, the show has a specific format. Similarly, “Law & Order” has its own format where each episode follows detectives solving crimes. Introducing a sudden change where I started my own detective agency within the show would be jarring for viewers.

netflix gave us the green light, and the journey has been truly fascinating. It satisfies the curiosity of peeking into $250-million New York City penthouses? Done, Episode 1. Craving the behind-the-scenes drama of a young startup real estate firm, reminiscent of “Vanderpump Rules”? We’ve got you covered. Fancy an orchestra composing music with a “Succession” feel for yourself? Consider it done. Dropping drones to offer a unique perspective of Manhattan? Absolutely possible with Netflix. So, what else would you like to create?

With experience in acting and a lengthy tenure in reality television, you’re well-versed in the fact that drama can captivate audiences. However, as you embark on the new journey of starting a company, your commitment to professionalism takes precedence over theatrics. So, I’m curious, how do you manage the drama now that you’re the one in charge?

“The experience of filming for ‘Million Dollar Listing’ was incredibly demanding for me, as all the pressure and responsibility rested on my shoulders. This time around, however, I took a bigger risk by starting my business in 2020, and the exposure from Netflix comes with both advantages and disadvantages. The agreement with Netflix meant we would film for a set amount of time, capturing everything that happens, good or bad. In contrast, on ‘Million Dollar Listing,’ there was a strict format limiting the length of each listing’s airtime, and failure to sell could lead to being fired on live television. This current season concludes with a cliffhanger, and every episode ends in suspense. Midway through, we lost an agent on camera, forcing me to let go of other agents who were influenced by the first one to quit. The show began with 12 agents, and it now has only 10. My appearance also changed, from salt-and-pepper hair to white hair.”

To expand on that, Jonathan Normolle quickly emerged as the so-called villain of the season. From a show perspective, the drama and tension that someone like him brings is appealing. But you, as a boss, decided to fire him. Tell me about the push and pull of keeping the show entertaining and thinking about your company.

Reality refers to the day-to-day aspects of running a business, including work, people, management, payroll, expansion, and so forth. Perception, on the other hand, is how the world sees the business, shaped by factors such as media portrayals and public image. With “Million Dollar Listing,” I aimed to align reality with perception as closely as possible. This meant using the show to elevate my business’s reputation, rather than merely revealing its flaws. Filming took a year, and the show would air the following year, so whatever I presented on TV would shape the public’s view of me and my company for months to come. This created a significant pressure: should we expose our business’s imperfections to 270 million viewers or use the platform to showcase our growth and vulnerability? Ultimately, I chose the latter path, recognizing that my TV career and business were intertwined. To ensure transparency, I encouraged my team to embrace this approach company-wide, striving for a consistent representation of our reality on both the small and large screens.

“Owning Manhattan” stars Savannah Gowarty, Jessica Markowski and Jonathan Frank Normolle, who was let go.
(Netflix)

Have you had any run–ins with Jonathan since?

I’ve had the opportunity to observe Jonathan closely, and I must admit, I’ve always held him in high regard. There was something about him that resonated deeply with me, a spark of potential that I saw mirrored within myself. I may not have the traditional markings on my body, but I’ve often felt like an outsider in certain social circles.

Intriguing news surfaces about some remarkable property deals in “Owning Manhattan.” I’d be happy to share details on these listings and the challenges of persuading prominent figures to appear on camera. Notably, Bad Bunny secured the Jardim property showcased in the series for an unprecedented rental fee of $150,000 monthly. The season concluded triumphantly with me landing a listing for a condo that previously served as Roman Roy’s residence in “Succession.”

The ending was quite unexpected, even by our own standards. Kudos to our production team for bringing my most unusual concept to life. I remember thinking, “Why don’t we wrap up the show in a way that leaves viewers scratching their heads and wondering, ‘Did I just see that right?'” Admittedly, it’s become second nature for me to try and capture people’s attention, especially when they’re engrossed in their phones. That being said, in our program, we showcase genuine individuals and property developers. The penthouse at Central Park Tower is a premium listing with a limited pool of potential buyers. So, we decided to feature it on our Netflix series. The first person who purchases it gets the keys. I stand by my word.

Harlan Berger, who previously owned the Jardim property we rented to Bad Bunny, sold it for approximately $15 million following our filming sessions. This transaction became public knowledge and the media attention likely attracted the buyer. Although Harlan consented to be filmed, Bad Bunny declined. We kept names confidential during production. Real estate, like an Hermès bag, isn’t just bought for practical reasons; its brand conveys a message.

The interior of a Manhattan home from Season 1 of “Owning Manhattan.”
(Netflix)

It’s a complex period to showcase some of New York’s most elite real estate on a global platform. Living expenses, particularly in large cities, are exorbitant. What insights have you gained as to why audiences find it intriguing to peek into the luxurious world?

As someone who has always been fascinated by peeking into other people’s lives, I wholeheartedly agree with the statement that we’re all voyeurs at heart. The human curiosity is insatiable, and we can’t help but wonder about what we don’t have or can’t experience directly. This is a natural part of being alive, and it keeps us going.

What’s your take on the current housing market situation? And what percentage of your recent sales is to buyers from other countries?

Prior to the COVID-19 pandemic, I handled around 35% of our business transactions in cash. Now, that figure has nearly doubled, reaching approximately 75%. The current market situation is neither exuberant nor devastated but rather informed. We’ve been dealing with a significant number of international buyers recently. For instance, I recently sold a house to a buyer from Croatia over video call. Previously, I sold another house for $57 million to someone in South Africa using the same method.

International sales significantly contribute to our company’s success and my personal subscription to Netflix as well. I reached out to five international clients and inquired about their streaming platform preferences among Netflix, Amazon, Peacock, and Hulu. To my surprise, all of them subscribed to Netflix. Given the potential benefits for both parties, we have decided to collaborate with Netflix for our business needs.

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2024-07-18 19:47