The Real Deal New York

Metropolitan Property Group expands in Midtown

By Katherine Clarke | March 09, 2012 02:00PM

Manhattan-based commercial and residential brokerage Metropolitan Property Group is set to open a fourth office in Midtown West later this month, CEO and founder Sami Katri told The Real Deal today.

The firm, which opened 13 years ago with its first office at 200 Park Avenue South (since closed), already has three offices in and around Midtown, at 184 Fifth Avenue, 369 Lexington Avenue and 211 East 43rd Street. The fourth, slated to open at the end of this month, is located at 255 West 36th Street, between Seventh and Eighth avenues. The building already boasts tenants such as the offices of businessman and rapper Jay-Z’s 40/40 nightclub and the Consulate of Honduras.

Katri is planning to hire around 45 new agents to fill seats at the 3,700-square-foot office, he said, adding to Metropolitan’s current work force of around 140 licensed agents. The company is paying approximately $30 per square foot for the space and has a seven-year lease.

“Basically, we are recruiting from all over,” he said, “hopefully expanding to 180 or 190 agents. We’re in talks with many producers from different companies.”

The reason for choosing Midtown West for its new space, he added, was the recent proliferation of rental buildings in the neighborhood, he added, including the Related Companies’ MiMA.

“We feel that there are a lot of companies that couldn’t hold tight after the market crisis,” he said. “A lot of companies are closing or downsizing. We believe we can fill the gap they left. I don’t know of many companies that are taking risk and growing.”

Jay-Z’s company took 4,000 square feet on the 15th floor of the 16-story building last year, The Real Deal previously reported.

When asked if he would be star-struck running into the rapper in the elevator, Katri responded: “Sure, why not? Maybe he’ll bring in some business.”