Citi Habitats also to close 57th Street branch

New York /
Jan.January 07, 2009 06:36 PM

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.”


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Last remaining Japanese-American farm on LA peninsula to shutter
Last remaining Japanese-American farm on LA peninsula to shutter
Last remaining Japanese-American farm on LA peninsula to shutter
South Korean President Moon Jae-in says housing failures are his biggest regret
South Korean President Moon Jae-in says housing failures are his biggest regret
South Korean President Moon Jae-in says housing failures are his biggest regret
48 East 81st Street
5 enviable abodes on the Upper East Side
5 enviable abodes on the Upper East Side
Battle royale over East Hampton Airport rages on
Battle royale over East Hampton Airport rages on
Battle royale over East Hampton Airport rages on
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...