The commercial real estate firm Salmon & Marshall has split in two, with cofounder Matthew Marshall, 30, launching his own company.
The new firm, called Marshall Real Estate, will focus on the asset class where Marshall made his name as well as where he said buyers are increasingly frothing to invest: retail condos.
“There are certain types of investors and buyers who look at Manhattan retail,” but not many brokers who specialize in it, Marshall said. “I am trying to fill that void.”
For now, Marshall’s former partner, Kevin Salmon, who has a broader focus that includes multi-family buildings, will continue to do business as Salmon & Marshall. But Salmon said he plans to launch a new firm, called Khizer Salmon Real Estate Professionals, in January.
Salmon and Marshall, both formerly of Marcus & Millichap, launched their firm in 2009 in response to the downturn in hopes of gaining market share through distressed deals. But Marshall said he has remained steadfastly centered on retail condos since that time.
Recently, he said investor interest in retail condos in Soho and its environs, where retail prices have risen precipitously over the past few years, has grown into a “feeding frenzy.” Recently, Marshall sold a Soho retail space at 151 Wooster to investor Yaron Jacobi for $25 million.
His goal is for Marshall Real Estate to become the “go-to source” for buyers in the retail condo area, he said.
Marshall, who is currently working with only one other employee, a marketing person, said he plans to add three or four brokers to his roster in the coming year.