Barry Farchi and the firm's headquarters at 40 Exchange Place

In the wake of real estate executive Erez Itzhaki’s announcement that he had handed over control of his eponymous brokerage to a new partner, three Itzhaki graduates have announced the formation of a new brokerage and management firm, they told The Real Deal today.

Former Itzhaki brokers Andrew Feldman, Barry Farchi and Mansour Tabibnia, who all left the firm in the last two months, have established commercial brokerage firm Azad Property Group and management house R.O.I Management, they said. The trio opened its first office, a 1,500-square-foot space at 40 Exchange Place in the Financial District for both companies, last week. [more]