The Real Deal New York

Eastern Consolidated cuts broker ranks by more than 10 percent

May 12, 2009 06:38PM
By Adam Pincus

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Investment sales brokerage Eastern Consolidated cut six brokers and five support staff yesterday in response to a sharp reduction in sales volume over the past year, company co-founder Peter Hauspurg said.

The company, based in Midtown, now has about 40 brokers on staff, Hauspurg, the firm’s chairman and CEO, said.

“Due to the greatly reduced volume in the sales market nationwide and New York City in particular, we have slimmed down to a team that has experience in good markets and bad,” he said.

He expected by the end of this year or the beginning of 2010 that distressed properties entering the market would spur more sales activity.

Hauspurg said those cut in general were more junior brokers, each with less than three years of experience, and worked on sales in New York City. He did not anticipate more layoffs, and in fact planned on adding a senior broker shortly.

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