New York-based real estate investment and development firm Time Equities Inc. is expanding into the residential brokerage arena with the opening of a boutique brokerage division.
Time Equities Residential Brokerage will have a staff of 10 and offer sales and rental listings in New York City and New Jersey for both their own projects and others, the company said.
The division will be led by Roberta Axelrod, the firm’s director of residential sales, rentals and conversions, and Maggie Ocampo, sales manager of residential brokerage.
Axelrod has been with Time Equities for 26 years. Ocampo has 21 years experience in residential real estate, including Goodstein Equities, Heron Residential and most recently at the Corcoran Group.
Chairman and CEO Francis Greenburger said he was not discouraged by the weakening housing market and the tight credit market.
“If you were concerned about timing this may not be the best time, but we have been in business for forty years, in good times and bad. And business is done in both,” he said.
The company has converted more than 10,000 rental apartments in New York to condominiums over the past 20 years, he said.
Greenburger added that with interest rates low and prices stabilizing, it was a good time for buyers to enter the market.
Time Equities, founded in 1966, holds about 20.4 million square feet of residential and commercial space in the United States, Canada and Germany.