Homestate Properties office at 102-104 Fulton Street

A new sales and rental brokerage with ties to embattled developer Yair Levy has opened at 102-104 Fulton Street, the former home of now-defunct firm Homestead New York. And with a remarkably similar name — Homestate Properties — the new firm may be trying to piggyback on the success of its predecessor, which ceased operations in 2008 in the midst of the real estate downturn. The new firm is being run by Daniel Deutsch, Levy’s son-in-law and onetime business associate, and is headquartered in office space owned by Levy in the Fulton Chambers building, a nine-story building that Levy and partners converted to 14 condo units in 2004. After selling out Fulton Chambers, Levy retained ownership of commercial condos in the building, according to city documents, and leased space to sales and rental firm Homestead, founded by Eli Adahan and Danny Shamooil. Homestead had about 35 agents and three offices by the time it closed. Its co-founders, who are not involved in Homestate, have now moved on to other ventures. Levy himself may not be involved in the new venture, either. Homestate filed for incorporation with the Department of State in November 2009, according to the agency’s Web site, listing as its address Park Columbus at 101 West 87th Street — a stalled condo conversion, owned by Levy, which is now in foreclosure. But Homestate’s real estate license lists 102-104 Fulton Street as its headquarters, naming Deutsch as a salesperson and attorney Lior Aldad as the broker. [more]

The co-founder of the now-defunct brokerage Homestead New York has started his own company. Homestead co-founder Danny Shamooil said he recruited roughly 12 former Homestead agents to work at the new company, Prime New York, which is headquartered in a 1,000-square foot space at 48 Wall Street at William Street. Homestead announced last month that it would cease operations after what Shamooil said was a series of disagreements between him and partner Eli Adahan. Homestead alum Eric Hantman is vice president at Prime, and Jared Scotto is managing director. The company, which is launching its Web site in two weeks, will specialize in residential sales and rentals but will also dabble in commercial leasing, building sales and investment packages, Shamooil said. [more]

Homestead New York, the four-year-old boutique sales and rental brokerage firm, is closing up shop. Danny Shamooil, co-owner and co-founder of Homestead, told The Real Deal that
the company ceased operations before the New Year and is in the process
of completing the paperwork required to dissolve the business. The Web
site is no longer operational, he said. Shamooil and co-founder Eli Adahan decided to end their partnership
after a series of disagreements this fall, Shamooil said, combined with
pressure from the dour economic climate. [more]