Citi Habitats also to close 57th Street branch
January 08, 2009 08:30AM By Candace Taylor
346 West 57th Street
Citi Habitats said it is closing another one of its branches and laying off employees in a bid to cut costs in the sputtering economy.
In addition to the closure of its Financial District office, which The Real Deal first reported yesterday, the rental brokerage is in the process of closing an office at 346 West 57th Street, between Eighth and Ninth avenues, said Gary Malin, president of Citi Habitats.
By tomorrow, all the agents at the 57th Street office will have been moved to other Citi Habitats locations, he said. The company closed its storefront Financial District branch at 100 John Street between Pearl and William streets when the lease was up December 31, Malin said.
In the process of closing the two branches, some administrative staff lost their jobs, Malin said, though he did not comment on how many.
"Some of the people were moved to other locations, and some we didn't have space for," he said. "This whole economic crisis is a very unfortunate situation, but you have to make good, sound business decisions. People do get impacted."
Citi Habitats, which has 700-plus agents, has more than 10 other offices in the city, Malin said, and the company is looking to reduce expenses by maintaining fewer branches.
"Given the world at large and what's going on, we felt it was prudent to be proactive, and provide more resources to fewer offices," he said.
The decision to close the John Street office, which was located in a 221-unit luxury rental building and housed roughly 25 agents, also was impacted by this fall's Wall Street meltdown, Malin said. The company needed a bigger space, he said, but was reluctant to sign a new lease with the landscape of the financial services industry changing so rapidly.
"It didn't make sense to go into a market when there's so much uncertainly," he said. "We need to let the financial calamity calm itself down, and find out what the new Wall Street is."
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Comments
Anonymous
Now people have a place to squat.... brokers that is.
Comment #1 Posted By: Anonymous 01/08/09
Anonymous
This is not a big surprise as in this market you need to be lean and mean and not fat and cocky! I predict they will be down to 5 or 6 offices before you know it and their "mother" Corcoran will be merged with someone else!
Comment #2 Posted By: Anonymous 01/08/09
Anonymous
This is news to you? With the economic world crisis, world-wide recession, job losses in the millions, the collapse of Wall Street, federal bail-outs in the $ trillions, a collapsing retail marketplace, etc., etc., I would think that there would be better stories for you to report on. At best, true journalistic mediocrity………
Comment #3 Posted By: Anonymous 01/08/09
ed
#3. Are you a broker? That is the only reason why you would not want to hear this. It directly alters your wallet. Shut up or change jobs. It was a well written story of great importance to the city.
Comment #4 Posted By: ed 01/08/09
Anonymous
I think this was Corcoran trying to save their skin by shuttering City Habitats branches....!
Comment #5 Posted By: Anonymous 01/08/09
Anonymous
To: Ed, comment #4 Whether I am a broker or not is not relevant to my post, this story or to its contents; your rationale is as poor as your use of grammar. Now get back to Cartoon Network and finish playing your game.
Comment #6 Posted By: Anonymous 01/08/09
Anonymous
Citi habitats cut 25% of its paid work force. With more cuts to come. This is all being done to cover the wild salaries paid to the top brass and to cover the 25% increase that Pam Liebman got to her salary. Liebman gets a 25% increase and the work force is cut by 25%.... interesting correlation. Also remember everyone else was told that they would not get any increase during 2009. Seems that Liebman is “different” then everyone else
Comment #7 Posted By: Anonymous 01/08/09
Anonymous
These top heavy brokerage firms with lots of retail offices and executives are going to be hurting a lot more soon with this buyer's/renter's market. They are like pimps making agents run their butts off, putting on pressure to do deals and taking 50% of the agent's income. Smart agents go to companies that keep overhead down and give the the lion's share of the commission to the agent....then an agent can pass on commission breaks to their clients instead of handing their hard earned commission to the broker-pimp.
Comment #8 Posted By: Anonymous 01/08/09
Anonymous
Nice civl discourse here people. Thew article is relavent to agents and agencies. That is what the magazine covers--the real estate industry in New York. Anyone who would tell you to go back to Cartoon Network, is nobody you need concern yourslef with and, if they are an agent, nobody we need in our industry. Thanks Candace for the informative article.
Comment #9 Posted By: Anonymous 01/08/09
Anonymous
I am a broker. Non-brokers: Why are you are reading this REAL ESTATE INDUSTRY publication ? - it is for us brokers. If you wish to read it then please spare us the ignorant comments. You can not understand anything about brokerage and how it works because you are looking in from outside. Blessings.
Comment #10 Posted By: Anonymous 01/08/09
Anonymous
It was a great location and the only midtown location left after they closed the midtown east location a year or two ago. I often wonder about how "prudent" and "sound" some of the decisions are. In actuality, the ones doing all of the work for the company get less and the ones making the decisions, that have never closed a deal, let alone went on a showing with a client, keep getting those fat checks. This happens all the time in big business. The rich get richer...
Comment #11 Posted By: Anonymous 01/08/09
Anonymous
It was rather rude and inconsiderate how they let agents know in the month of December, when many were travelling for the holidays. I am sure that this decision was on the agenda for at least a month prior.
Comment #12 Posted By: Anonymous 01/08/09
Anonymous
This company will become a shadow of it's former self.
Comment #13 Posted By: Anonymous 01/08/09
Anonymous
What Citi fails to realize, and this is why their downfall will be the hardest of them all, is that, until NRT decides to pull the plug on upper management, things will only get worse. It has to start at the top. These guys have been making some of the most reckless decisions in the business and have continued to reward themselves and their friends with jobs none are qualified for. Most of the branch managers at Citi can rest assured that the road has already been paved for their future career at the local Starbucks, if they can bring themselves to act civilized enough to maintain a position where they would have to display some level of team work and customer service. Since Andrew sold the company and the "others" took over, complete anarchy has ensued, with nepotism, arrogance, and a lack of regard for the agents sending this company on a downward spiral of destruction. Until the ones at the top lose their jobs, this culture of destruction will only continue. When the G-men at the top are booted out, only then will this company be able to rebuild. Elvis has officially left the building! 31
Comment #14 Posted By: Anonymous 01/09/09
Anonymous
Iceberg Straight Ahead!
Comment #15 Posted By: Anonymous 01/09/09
Anonymous
I am a broker and have a lot of friends at this branch. The West 57th office will be missed. But, every agent that needed a "new home" has found one. I'm sure they appreciate your concern, but we are self-employed, no benefits/ salary agents who can handle MUCH more than 2 offices closing. If an agent can't roll with this then they were not made for a business that takes possitive thinking self starters who make a living from forging good relations with their clients and landlords. Everyone needs to see the possitive in this and look ahead. These are not the days to complain, but to be CREATIVE! If you are self-employed as an agent be THANKFUL as, yes, others are losing their jobs in EVERY industry. Have a GREAT day!
Comment #16 Posted By: Anonymous 01/09/09
Anonymous
Drink the Coolaid #16. 57th Office will be a great place to squat. Squat away!
Comment #17 Posted By: Anonymous 01/09/09
Anonymous
the 57th street office was always a dog with fleas NO ACTION WHATSOEVER - who wants to live on 57th?
Comment #18 Posted By: Anonymous 01/09/09
Anonymous
What Andrew Built was dynamic firm because Andrew IS a dynamic guy. Gary Is a great technical and analytical guy, he was the perfect match for Gary. Together THEY built a great firm. I hope Gary brings in someone to be the other half that Andrew was. Gary is smart guy, as long as he is there Citi will be fine
Comment #19 Posted By: Anonymous 01/09/09
Anonymous
Iceberg Straight Ahead!
Comment #20 Posted By: Anonymous 01/10/09
Anonymous
Analyze THIS: To the great analytical mind that is Gary and his Stepford village type clones: I know Andrew had to fatten up the cow by opening these additional offices just before he was about to sell and that was absolutely smart on his part as he got top dollar but even after Andrew was long gone, why further renovated and expand the West 57th branch? This was not a top producing office. If anything, this office closely resembled feeding time at the zoo with a manager and asst manager that can only be described as DUMB and DUMBER! Like someone commented on another post, only a fool doesn't time markets, and that lesson he learned in business school! Can any of these managers at Citi boast of a business school degree? Andrew may not have had one but at least he cared for agents and he started out as an agent in the field so he knew all aspects of this business. Gary will never be able to bring in someone like Andrew. Andrew built this company from the ground up and it was HIS company....Gary was never an owner. As for having a great technical mind, yeah...Apex Technical!
Comment #21 Posted By: Anonymous 01/10/09
Anonymous
.......What Citi was able to sell for with Andrew at the helm = $50,000,000 Watching Gary's clones serving Pooch-ini's at the local shake shack after he destroys it all = PRICELESS!
Comment #22 Posted By: Anonymous 01/10/09
Anonymous
Andrew blew all the money.
Comment #23 Posted By: Anonymous 01/11/09
Anonymous
It's sad,,, Gary is a good guy the reality is there is no one to give direction especially in sales . A comotose patient could be more effective than what they currently have in place to give direction in sales
Comment #24 Posted By: Anonymous 01/11/09
Anonymous
citi habitats is a shadow of it's former shadow - perhaps the only purpose is to provide a tax loss year after year for NRT since Andrew left. They should just disband it and scatter the pieces to the wind
Comment #25 Posted By: Anonymous 01/11/09
Anonymous
gary should perhaps consider behaviour modification or perhaps anger management classes
Comment #26 Posted By: Anonymous 01/11/09
Anonymous
What office is next??? 82nd Street...76th Street???taking bets...
Comment #27 Posted By: Anonymous 01/12/09
Anonymous
Citi-habitats pays a receptionist, a manager and store front rents at all its offices. It can no longer afford this. Plus, they can't get apartments rented because they insist on 15% fees, even if the owner rents the apt himself! They will downsize further in the coming months. Owners hate CH anyway, unless they don't know any better.
Comment #28 Posted By: Anonymous 01/12/09
Anonymous
Well, well, well, Shitty Habitats' practices are finally catching up to it. No good deed goes unrewarded.
Comment #29 Posted By: Anonymous 01/13/09
Anonymous
I am amazed by all these comments. I believe this company will become even better now as every desk becomes more valuable **(since offices closed) and they just don't have to hire anyone. The offices are at full capacity so pressure is on the loser's that need to fire themselves at the company or maybe they will listen and start showing results. This company will come out lean and mean after the crisis is over. The guys at the top are dedicated and know how to lead. If i were in the biz this is the best company to work for right now. They will be even more profitable now...
Comment #30 Posted By: Anonymous 01/18/09
Anonymous
Yeah, they'll be lean alright. Down to about a lean single digit number of offices before the end of this year... just waiting for those existing leases to expire, no doubt. Closing two non producing offices will not solve their problems. What they're doing is putting a band aid on a gunshot wound, but unfortunately the bleeding will continue...as will this economic crisis, for quite sometime I'm sorry to say....
Comment #31 Posted By: Anonymous 01/20/09
Anonymous
Shame they spent all that money renovating and expanding this location. I guess they should have closed it when that butt-hole of a landlord finally caved a few years ago and let them expand and renew.
Comment #32 Posted By: Anonymous 01/20/09
Anonymous
Fantastic. Hopefully this is the beginning of the end for rental brokers in new york city. Or at least the end of those obscene 15% fees in favor of flat fees reasonably sized for the service provided.
Comment #33 Posted By: Anonymous 01/23/09
Anonymous
I used to work as an agent with Citi-Habitats and was one of their top agents in one of their downtown offices. While there are some good people, overall the company is unethical, shady, and will do anything for a dollar. I'm very sorry for the people who lost their jobs-I hope they find something better than this place.
Comment #34 Posted By: Anonymous 02/20/09