DJK Residential is planning to form a new division to handle commercial property, said Phyllis Pezenik, vice president and managing director of brokerage services at the Manhattan firm.
The move would make DJK the second residential firm to announce plans to foray into the commercial market this week. Halstead Property said yesterday that it is forming an investment sales division.
Pezenik said DJK’s decision has nothing to do with Halstead’s plans. Her firm has been discussing the creation of a new division for a while and has already been working for a while in the commercial arena. Seven of DJK’s residential brokers, who also handle relocation deals, have been handling commercial deals over the last two years.
The firm, headquartered at 101 Fifth Avenue at 17th Street, is looking to find someone to head up the commercial division, Pezenik said.
Lily Insogna, a sales agent at DJK Residential, began working with an international commercial client nearly a year ago. The buyer is still looking for property for a retail and wholesale store on Madison Avenue.
“I usually do residential [deals], but with the market being slow, I thought, why not?” said Insogna, who heard about her international client through friends of friends. “If you have the client, it’s easy to branch out.”