Blu Realty to open second office next month

New York /
Jun.June 23, 2011 01:00 PM
From left: David Tobon, Alon Chadad, Moshe Balalo, Andy Kim and Michael Arcos of the firm Blu
 

Blu Realty Group, the new 100 percent commission residential brokerage launched in

Midtown by five Nest Seekers alumni earlier this year, is expanding
its business to the Upper West Side, where it plans to open its second
office in mid-July.

Alon Chadad, one of the firm’s co-founders, told The Real Deal that
Blu has leased a roughly 1,600-square-foot space at Trump Place, at 120
Riverside Boulevard and 67th Street, chosen because of its proximity to the burgeoning

new developments market in the area.

“We’ve been doing a lot of business with Extell [Development] and at
Trump Place,” Chadad said. “The Rushmore, the Avery… all of those. The
neighborhood is picking up tremendously.”

Extell, which developed both the Rushmore and the Avery, is also
moving forward with its mixed-use project at Riverside Center, nearby,
between 59th and 61st streets, after receiving unanimous approval from
the City Council in December.

Chadad launched Blu in January alongside former Nest Seekers
colleagues Moshe Balalo, Andy Kim, David Tobon and Michael Arcos.

Their first office, at 1674 Broadway and 52nd Street, has around 27
agents, he said, and some of the firm’s priciest current listings
include the five-story Jekyll & Hyde building, at 1409 Sixth Avenue, which is on
the market for $19.5 million, and a three-bedroom, high-floor spread
at One Beacon Court that’s listed for $12 million.

Chadad said he expects to hire some 20 additional agents to staff the

Trump Place location. Blu’s lease there runs for five years, with the
option to extend for an additional five.


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
The soft market for luxury units has some developers hard up. (Getty)
Buyers taking advantage of New York City’s condo glut
Buyers taking advantage of New York City’s condo glut
Central Park Tower at 217 West 57th Street and Extell president Gary Barnett
Closings kick off at Central Park Tower
Closings kick off at Central Park Tower
Dov Hertz (Photo by Studio Scrivo)
The Closing: Dov Hertz
The Closing: Dov Hertz
Gary Barnett’s Extell Development with the $26.7M building he sold. (500w57 via Twitter)
Extell sells West 57th Street office to CBS
Extell sells West 57th Street office to CBS
Extell's CEO Gary Barnett (Central Park Tower)
Barnett secures $380M mezz financing for Central Park Tower
Barnett secures $380M mezz financing for Central Park Tower
Scott Durkin, president and COO of Douglas Elliman; Bess Freedman, CEO of Brown Harris Stevens
The Covid churn: Inside resi brokerages’ recruiting games
The Covid churn: Inside resi brokerages’ recruiting games
arrow_forward_ios

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

Loading...