Massey Knakal launches mortgage unit

September 28, 2010 02:45PM

Paul Massey, CEO of Massey Knakal

Massey Knakal Realty Services is expanding its business and will soon begin handling mortgages for commercial properties, the Wall Street Journal reported. The announcement from the 22-year-old commercial real estate investment sales firm comes at what would seem an opportune time, since New York City’s commercial sales market is finally beginning to show renewed vitality after a rough couple of years. But that’s not the reason for the launch, said CEO Paul Massey. Rather, he said, the new unit is debuting now because “I think our company is ready for it,” adding that mortgage brokerage is “an underserved market.” Still, likely competitors in the space include Meridian Capital Group and Holliday Fengolio Fowler. Eric Michael Anton, of Eastern Consolidated, which is a Massey Knakal competitor in the sales market and also handles some mortgages, warned that mortgage lending may not be as profitable. “It’s a lot of work, it’s a commodity [and] you don’t really get great fees on it,” he said. [WSJ]