BARBARA’S NEW DEAL
Hold the presses! Whatever else Jim Freund was planning to write about for the November blog entry has to wait its turn, because the big news this month is very, very close to home . . . . It can be summed up in the title of this notable November press release:
“BARBARA FOX BRINGS RENOWNED BROKERAGE TO BROWN HARRIS STEVENS”
In case there’s any doubt, this “Barbara Fox” is my beloved wife; that “renowned brokerage” is her leading Manhattan boutique “Fox Residential Group”; that “Brown Harris Stevens” is an extremely well-known premier real estate services company; and, as the press release for the deal went on to say:
“This strategic move brings together two industry powerhouses known for their integrity, discretion and commitment to exceptional client services.”
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I’ll come back to that news of the day a little later, but first let me provide some professional background regarding this fabulous wife of mine.
A native of Rocky Mount, North Carolina, Barbara ended up after college in New York City, working for a few companies that she just didn’t care for. Rather, she was restless for a job where she would be her own boss. As Barbara later said in an interview, “I had fire in my belly, and I didn’t want to be constrained.”
So she decided to go into residential real estate, which she took to immediately. After not too many years as a broker, Barbara heard that Cross & Brown, a major New York commercial real estate firm, had started a fledgling residential division and was looking for someone to head it up. At 28 years old and with no real administrative experience, Barbara created a business plan, sold herself, and took over as the head of a four-person firm. She proved to be very successful at Cross & Brown – growing the residential firm to its ultimate size of 60 brokers.
By the way, while this growth was happening, I came into the picture at the end of 1982. We got married in January 1985.
As the decade of the ’80s was coming to a close, Met Life bought Cross & Brown, and corporate types replaced her C&B mentors. The new relationship didn’t work out, and she was not unhappy to leave in 1988.
Barbara had been spending a lot of time that year in North Carolina as her mother’s health declined; and shortly after she left Cross & Brown, Anita Fox sadly passed away. When Barbara returned to New York, I urged her to take a year off from work to refresh herself. But within a week – after going stir crazy sitting around our house – she was back in gear with a new concept.
Barbara reasoned that since everyone in her family had owned businesses, it would be natural for her to have her own. It didn’t concern her too much that early 1989 was a terrible time in the Manhattan real estate market; Barbara was then – and still is today – a risk-taker. She came up with a business plan for a new independent residential real estate brokerage firm of eight to ten people. Six brokers from her Cross & Brown group signed up; and fortified by her own savings (plus modest financial help from her father and husband), Barbara opened the doors of Fox Residential Group in January 1989.
Over the 36 years since, Barbara built her company into one of New York City’s finest boutique real estate brokerage firms, while becoming one of the most successful women on the New York residential real estate scene.
When asked some years ago by an industry magazine what distinguished her from other successful women in her field, she replied:
“Almost all the others are either first-class transactional brokers or top executives involved in firm management. What distinguishes me, I think, is that I try to excel at both of these pursuits. I like to think of the firm I founded and actively manage today, Fox Residential Group, as a successful extension of myself.”
And here’s how she responded when asked how her firm differs from other brokerage companies:
“It’s what I call our customized concierge service. Don’t get me wrong – I’m not saying that other firms don’t treat their clients and customers well. It’s just that with us, it’s a passion. Right from the start, I knew this was what we needed to do to set us apart from the larger, more corporate firms. I’ve instilled in our brokers the determination to provide our buyers and sellers with solutions tailored to their individual needs, to whatever problem they might encounter throughout their transaction.”
In addition to the success of her firm, Barbara has been a major force in the residential division of the Real Estate Board of New York (REBNY), the trade organization that oversees the industry. In addition to a term on the overall REBNY Board of Governors, she was a founding member of REBNY’S Residential Committee, a member of the Residential Board of Directors, and also on a number of other committees dealing with the education of brokers and the ethics of the profession. And most significantly in recent years, for over a decade she has served as chair of the REBNY Committee that plans and oversees its huge annual Residential Deal of the Year / Members in Need Charity and Awards Celebration.
Barbara has received two of the highest honors her industry grants. One is the Henry Forster Award, the lifetime achievement award given to the most outstanding figure in residential real estate that year (1997). The other is the Kenneth R. Gerrety Humanitarian Award, given to REBNY members (commercial or residential) who provide exemplary service to their community. In Barbara’s case, it was for years of dedication to improving her industry through REBNY, as well as for her non-real estate extracurricular activities (notably her animal rescue work). The Gerrety award was presented before 2,000 attendees at REBNY’s annual banquet in 2015. Barbara was the only female in the group of six honored, and also the only honoree from the residential side of the real-estate business.
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Okay now let’s get back to this years’ big deal. When asked by Brown, Harris, Stevens why, after a long career founding and running Fox Residential Group, she decided to make this move with her team, she replied:
“There comes a time when you want to simplify your life and free yourself of some heavy-duty responsibility. I never intend to stop working – doing deals is still so fun and fulfilling – but the responsibilities of owning a company can be daunting, and I’ve done it for 37 years.”
Okay, but then they asked, how come you decided to align yourself for the next chapter of your career with BHS – why BHS?
“I chose BHS because it has many of the finest, most upstanding brokers and agents in the city, it’s still a privately held company, the management is absolutely top notch, and its reputation is impeccable.”
“Teaming up with Brown Harris Stevens feels like a natural evolution for our firm, BHS shares our core philosophy of offering uncompromising, personalized service and has the scale, resources, and reach to amplify what we do best. This partnership allows us to give our clients even more, without losing the unique spirit that has always defined Fox Residential Group.”
I guess that’s why Bess Freedman, Chief Executive Officer of BHS, had this to say publicly about Barbara and the fit between the two companies: “Barbara Fox is a true icon in New York City real estate. She built her firm on values that perfectly align with ours: integrity, professionalism, and a deep respect for the client relationship. It’s a perfect fit.”
In various interviews, Barbara couldn’t resist putting in a public plug for the Upper East and West Sides:
“It’s where I’ve lived all my life in New York City, and it represents the premier environments to house your family in clean, convenient, safe neighborhoods. We’ve witnessed a resurgence of interest in the Upper East Side in the past few years, in large part due to its proximity to multiple schools and medical facilities and being home to the most luxurious buildings with long storied histories.”
Asked about what’s the greatest value in NYC right now, here was her reply:
“The prewar apartments – frequently estate apartments – are often both the best buy now, as well as being the most interesting and elegant spaces. There is a huge upside – both for living there and for resale – in buying a classic prewar apartment for a reasonable price and then renovating it to your taste and needs, which will create real value should you later decide to sell.”
Here's one of her answers I really liked. The question was phrased: “You are a legend in this industry with a wealth of knowledge. Share with us one of your important business tips that leads to success as a real estate professional.”
“Keeping your reputation and your word pure is one of the most important ways a broker can succeed in residential real estate.”
Operating under the Brown Harris Stevens brand as the “Fox Residential Team at Brown Harris Stevens”, Fox and her brokers will continue to serve their long-standing clients as well as new ones across Manhattan and beyond. They will be based at the flagship office of BHS at 445 Park Avenue.
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Over my objection, Barbara has attempted to intimidate me not to laud her many other attributes besides those related to business. We ended up compromising – I could only muse (briefly) about her attributes as they relate to others, but not discuss all the ways she gets to me. Anyway, here’s an abbreviated list of some good stuff about Barbara:
Her strong sense of family
Coolness under fire
Her physical fitness and boundless energy
A terrific sense of humor
A wonderful conversationalist in groups small or large
Her consistency – no mixed messages – you know where she stands.
A superb hostess for parties large and small
Good judgment
And last but not least, her wonderful legacy toward the handling of dogs, and creating benefits for them – our own and those hundreds of others through her animal rescue organization WOOF Dog Rescue.
What a woman!
Love you,
Jim