The Real Deal New York

Blu Realty to open second office next month

By Sarabeth Sanders | June 23, 2011 01:00PM

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.

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