CBRE bets on outer boroughs with expanded retail coverage

TRD New York /
Dec.December 09, 2009 02:53 PM

Despite a grinding recession producing “for rent” signs all over the city, commercial services firm CB Richard Ellis is beefing up its presence in the outer boroughs.

The California-based company recently opened a new office in a retail space in Long Island City, replacing a nearby now-shuttered office location, and for the first time, is basing two retail brokers in the borough. The firm also is interviewing to hire new brokers, the managing director for Long Island and the outer boroughs, Ellen Rudin, said.

The LIC office, covering all the outer boroughs, houses eight agents including the two retail brokers (one of whom splits his time with the firm’s Woodbury, LI, office), one investment sales broker and five office and industrial brokers, Rudin said. The firm is the only national brokerage with an office in the outer boroughs, even as most also do deals there.

Although CBRE’s number of brokers working outside Manhattan is about the same as in recent years, this is the first time it has based any retail brokers in an outer-borough location.

The 2,000-square-foot office, at 47-09 Center Boulevard near the East River, opened in October, and has replaced the prior LIC location at 30-30 Thomson Avenue.

Cory Zelnik, president of commercial brokerage Zelnik & Company, which structures deals in the outer boroughs as well as Manhattan but only operates out of Manhattan, said the move was telling.

“I think that speaks to the fact that activity is picking up,” he said, and added: “As an organization, CBRE wants to project that they cover everything and everywhere.”

He also said it was unusual for a commercial firm, as opposed to a residential firm, to move into a retail location.

“I think that will be close to a first,” he said. “That’s interesting.”

Rudin said the company chose the retail space to increase its street presence.

“The truth is we are looking to expand and get our name out there in the outer boroughs, and we thought this would help do that,” Rudin said. “I think there is an opportunity now, largely because of the market. We want to be well poised for the upturn.”

Broker Dean Rosenzweig, who works out of the Woodbury and LIC locations, has completed several deals since the Queens office opened, including a 1,200-square-foot lease for Sprint on Staten Island this month and a 3,000-square-foot lease in Bay Plaza the Bronx, for plus-size retailer Fashion to Figure, in November.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

Jackson Park at 28-40 Jackson Avenue and Tishman Speyer's Rob Speyer (Credit: StreetEasy and Tishman Speyer)

Tishman Speyer locks in $1B in financing for Jackson Park

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

43-20 49th Avenue in Long Island City and Andrew Chung of Innovo Property Group (Credit: Google Maps)

Andrew Chung tees up Queens’ biggest deal of 2019

arrow_forward_ios