Another residential real estate office bites the dust

New York /
Jan.January 20, 2009 05:13 PM

Twenty-year-old brokerage firm Brooklyn Properties is closing one of its four offices, at 504 Fifth Avenue in South Park Slope (pictured below), The Real Deal has confirmed.

The move was an attempt to downsize in the midst of the real estate downturn, said Nalani Clark, principal broker at Brooklyn Properties, adding that the company laid off a secretary in the office but moved the eight agents stationed there to the company’s other locations.

“We needed to cut costs like I’m sure everyone has to,” she said. “We had two other offices in Park Slope already, and we felt that it was the prudent thing to do.”

Clark said the company is closing its two-year-old Office On Fifth Avenue, but not the two remaining Park Slope offices, one at 113 Seventh Avenue between Carroll and President streets, and another about 10 blocks away at 213 Seventh Avenue between Third and Fourth streets, she said.  A third office, in Fort Greene, is at 725 Fulton Street at Lafayette Street.

The space will be vacant as of next month, said building owner Eli Oved, who is marketing the space himself. The 1,900-square-foot space is available for $5,500 a month, he said.

Clark said the company has a good relationship with Oved, who let the real estate company out of its lease. “We’re sorry to leave his space,” she said.

The closing, originally reported on Brownstoner.com, is the most recent in a slew of real estate offices closed by brokerages hoping to save money with sales and rental transactions way down.

Click below to listen in as reporter Candace Taylor gives the back story on the closings of New York City residential real estate offices.


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
Saudi Arabia’s newest attraction: roller coasters on an oil rig
Saudi Arabia’s newest attraction: roller coasters on an oil rig
Saudi Arabia’s newest attraction: roller coasters on an oil rig
A rendering of The Residences at 400 Central and John Catsimatidis (Catsimatidis via Getty)
John Catsimatidis breaks ground on 46-story condo project in St. Pete
John Catsimatidis breaks ground on 46-story condo project in St. Pete
Australian town is inundated with inquiries after offering free land to new residents
Australian town is inundated with inquiries after offering free land to new residents
Australian town is inundated with inquiries after offering free land to new residents
A collection of images from the Turkey Track Ranch listing (Icon Global)
An 80,000-acre ranch in the Texas Panhandle lists for $200M
An 80,000-acre ranch in the Texas Panhandle lists for $200M
The price of a new home in China’s largest cities fell for the first time since 2015
New home prices in China’s largest cities fall for first time since 2015
New home prices in China’s largest cities fall for first time since 2015
arrow_forward_ios

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

Loading...