By the Numbers February

By the Numbers

5.2 The average 2012 salary in the

$383,000 Average 2013 compensation,

Bracing for bonuses

Will the predicted increase in Wall Street bonuses mean more big-ticket NYC apartment sales?

T

securities industry was more than five times greater than the average salary in the rest of the private sector, up from just twice as high 25 years ago.

including bonuses, for Goldman Sachs Group’s 32,900 staffers, down about 3 percent from 2012. Total compensation figures also dropped or were flat at JPMorgan Chase, Citigroup and Bank of America, while Lloyd Blankfein Morgan Stanley reported an 11 percent increase.

2,200 Net increase in number of

banking jobs in New York City for the yearlong period that ended in October, while nationwide there was a drop of 2,700. As of November, there were 323,900 financial-services jobs in the city, down from 343,000 in 2006.

15.3% The percentage of new office

leases accounted for by the financial sector in the first nine months of 2013, down from 30 percent in 2007.

Goldman Sachs CEO Lloyd Blankfein

$23 billion Approximate amount of bonuses $

oday’s Wall Streeters aren’t quite reveling in the “More, more, more, more, more, more is never enough” atmosphere depicted by the latest Hollywood take on their business, “The Wolf of Wall Street.” But given the well-established connection between Wall Street bonuses and real estate sales, the New York City real estate industry was paying close attention as banks and investment houses reported final results for 2013 — and started cutting bonus checks to reward their staffers. This month, The Real Deal looked at the relationship between New York City’s financial services and real estate industries. By Sasha von Oldershausen

the nation’s five biggest banks were on track to pay after the first two quarters of 2013, before the market took a disappointing thirdquarter turn. By comparison, an estimated $20 billion in bonuses were doled out in 2012.

5% to 10% Projected increase in bonuses

which the 10 largest banks downsized their Manhattan office spaces between 2008 and 2012. Together, they now occupy just under 32 million square feet.

50% Average portion of total

that compensation firm Johnson Associates expects for all U.S.based banks for 2013.

2 Number of identifiable financial

services executives among the buyers in the top 20 residential deals in Manhattan in 2013. By comparison, in 2008, six of the top 10 priciest residential deals in Manhattan involved Wall Street buyers.

50% Estimated percentage of Douglas Elliman’s NYC buyers who are involved in the finance sector.

New Listing By the Numbers

6 million Amount of square footage by

compensation for bankers and traders now doled out in restricted stock awards, limiting the amount of cash they have to spend on things like real estate.

$14 billion Current value of restricted stock

awarded to employees of the top five banks in last year’s bonuses, thanks to a market rally that pushed shares up as much as 154 percent. A portion of that total is passing into workers’ hands now and can be sold. Sources: Quartz, CNNMoney, Douglas Elliman brokers, New York State comptroller, Options Group, Economist Barbara Denham, Cushman & Wakefield, the New York Times, the Wall Street Journal.

175 East 62nd Street | $2,250,000

Compiled by Yaffi Spodek

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. 02-14.indd 1

22 February 2014 www.TheRealDeal.com

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