Residential brokerage MNS launched an investment sales advisory division today, the firm announced, in an effort to work with developers throughout the city from the start of a project through its occupancy. The new arm, called MNS Investment Sales and Capital Advisory, will be headed by MNS President David Behin.
He’s been working on investment sales for about a year and had a hand in recent deals at 167 North 6th Street and the note at 53 Broadway in Williamsburg. Now, Behin is formally launching the new division with two additional agents, his brother Albert Behin, who long worked in the mortgage loan industry for the last decade, and Justin Fitzsimmons, a junior associate.
But Behin said he waited to launch the division until he had worked the market for some time and solidified his business plan to the point where he was comfortable it would work.
ISCA will help prospective developers and investors identify sites, broker the sale of those sites and raise capital to finance the acquisition or launch construction. It will be stationed out of the both the firm’s Williamsburg and Gramercy offices.
“We want people to see that MNS is very [vertically] integrated,” Behin told the The Real Deal. “We can serve people from acquisition — or pre-acquisition — all the way through leasing all the units out, and even re-leasing them.”
Behin noted that the residential brokerage already has relationships with many of the biggest land buyers and lenders, especially in Brooklyn where his efforts have been focused to this point, and therefore the entry into this space was a natural evolution. (The firm, for example, was tapped by Douglaston Development to sell out the Edge condominium and by RAL Companies to sell One Brooklyn Bridge Park.) The leasing and sales information the firm collects from its brokers can be used to provide ISCA clients with up-to-the-minute market data, he added, rather than relying on published market reports that use data from public records, which typically lags contract signings by months.
“The launch of ISCA has brought our firm to a whole new level,” MNS CEO Andrew Barrocas said in a statement. “We’re able to service all of our clients’ needs in one shop — there’s great value in that.”
The group is currently negotiating several other deals in North Brooklyn, Behin said, but he declined to discuss specifics as they have yet to close. He’s also marketing the 20-unit completed residential building at 100 Luquer Street in Carroll Gardens and a 26,000-square-foot Bushwick warehouse that’s ready for conversion. — Adam Fusfeld