Newmark Knight Frank chairman Jeff Gural is stepping down.
Gural, who will continue on as NKFʼs chairman emeritus, has left his post as the firm prepares for an IPO.
The industry veteran said Monday he will put his focus on the Gural family business, Newmark Holdings, which is changing its name to GFP Real Estate to avoid confusion with the now global Newmark powerhouse which he helped build.
“Everything about GFP Real Estate — our team, our properties, our philosophy, our commitment to our tenants and our partners — remains the same, except the name,” Gural said.
“We play an important leadership role in the New York market and we will continue to work closely with our colleagues at Newmark Knight Frank to maintain the highest level of operations.”
Jane Gural-Senders, who serves as executive director for GFP Real Estate, said, “We are excited to continue the rich family traditions of integrity and a pursuit of excellence that have been instilled in each of us and have been the cornerstone of the company since it was founded.”
Aside from its commercial real estate business, GFP Real Estate also works in asset management. Its portfolio includes 44 distinct buildings and orchestrated capital improvement programs at: 100 Crosby Street in SoHo and 40 Exchange Place in Lower Manhattan.
Newmark Holdings, which was founded in 1952 as Newmark & Co. Real Estate Inc., has portfolio that covers 10.2 million s/f of commercial property in the Tri-State area. Most of the properties that the company owns are in New York, with a total of 8.8 million s/f within the city limits. The firm’s portfolio also includes Manhattan properties such Flatiron Building (175 Fifth Avenue), The Film Center Building (630 Ninth Avenue), 515 Madison Avenue, 1560 Broadway and 40 Worth Street.
GFP Real Estate and NKF will continue to share office space at 125 Park Avenue.