The Real Deal New York

New ventures

March 31, 2009


Halstead ventures into New Jersey


While many New York City real estate firms are closing offices to save money on overhead, others are taking advantage of cheap rents to expand their market share. Halstead Property recently opened its first out-of-state office at 79 Hudson Street in Hoboken, while a new Boerum Hill, Brooklyn, branch was slated to open at 495 Atlantic Avenue early this month. “In this down market, there are lots of opportunities out there,” said Diane Ramirez, president of Halstead. “We definitely look at all of them.”

Warburg shutters Harlem office

Warburg Realty recently announced the closing of its Harlem office, a move the company had previously denied. When asked in mid-January about speculation that the Harlem location would close, Warburg President Frederick Peters told The Real Deal, “I have no plans to close that office.” A month later, Peters posted on the company blog that the company had indeed decided to jettison the Harlem location, at 2235 Frederick Douglass Boulevard at 121st Street. The company also announced in January that it would shutter its office at 65 West 13th Street. Its remaining branches are on the Upper East Side and in Tribeca.

Corcoran closes some East End offices

After years of aggressive expansion on Long Island’s East End, the Corcoran Group has closed offices and has laid off staff in the region. Roughly 10 administrators and staff last month moved out of the company’s East End operations center at 57 Hampton Road in Southampton. The space was closed and its staff moved into one of the company’s two Bridgehampton offices, at 1936 Montauk Highway. Corcoran also shuttered its 1,800-square-foot office at 28735 Main Road in Cutchogue on the North Fork, and in February, the company closed its Sag Harbor office at 96 Main Street (see related story in this month’s Web hits).

BHS acquires Morrel Realty

Brown Harris Stevens last month absorbed two-man real estate firm Morrel Realty. BHS, a 300-agent firm, added Leslie Richardson and Howard Morrel, founder of Morrel Realty. “We’ve always had very measured growth,” said Hall Willkie, president of BHS. “Our goal has never been to be big and be everywhere, it’s to be the best.” Willkie said he had no immediate plans to acquire any more firms, but didn’t rule it out.

Georgia workout company setting up NYC shop

Radco Companies, an Atlanta-based developer and workout firm that manages some $2.5 billion worth of assets nationwide, announced last month that it is expanding its operations to New York City, with a new office under the leadership of James Raved, a former senior vice president at Tishman Construction Corporation. Workout divisions are now part of many real estate development and investment sales companies, focusing on ways to refinance, buy or sell distressed assets.

Elliman opens new West Village branch

Despite the recession, Prudential Douglas Elliman continued its aggressive expansion with a new office at 690 Washington Street in the West Village. Elliman’s new office, situated between Charles Lane and Charles Street, houses the Raphael DeNiro Group, the Debra Kameros Group and agent David Wannamaker, a senior vice president at Elliman who specializes in the Downtown market. The new office is headed by sales manager Gary Cannata (see related story in this month’s Web hits).

City Dwellers ditches dwelling

The partners heading up rental brokerage New York City Dwellers have split and the company has closed its office, but it is continuing to operate online, said owner Dennis Shuliak. Shuliak said George Goshadze, his former partner at the company, is no longer affiliated with the firm, and the company has closed its office on the second floor of 39 West 14th Street. Although it is still operating online and its Web site remains intact, the company may change its name, he said.

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