Citi-Spaces yesterday closed one of its four offices, according to
company founder Israel Horowitz, who squelched pervasive rumors that
the 60-agent company is folding. “I never thought of closing,” Horowitz said, adding that he, too, has
heard rumors of the company’s shuttering from agents interviewing with
the residential sales and rentals brokerage. The perception is so
widespread, he said, that four different firms have approached him in
recent months with offers to buy or merge with Citi-Spaces. “I was considering it, but a merger didn’t make sense,” he said. “What
made sense was to get rid of the office that was causing the headaches.” That office was Citi-Spaces’ East Village branch at 174 Second Avenue,
between 11th and 12th streets. The 27-agent storefront branch opened
eight months ago, just as the city was descending into the financial
turmoil, at a rent reflecting the previous hot market, he said. [more]