The Real Deal New York

Jonathan Kushner, Ironstate take stake in Modern Spaces

Brokerage's chiefs to retain majority interest
January 12, 2015 02:00PM

Jonathan Kushner’s Kushner Real Estate Group and Ironstate Development jointly acquired a minority equity stake in brokerage Modern Spaces. The buyers did not disclose the amount paid for the holding.

The Queens-based residential brokerage led by Eric Benaim and Ted Kokkoris has been planning an expansion that includes a Jersey City push. Kushner and Ironstate could hire Modern Spaces to lease or sell new development projects in New Jersey, but no arrangement has been made yet, Crain’s reported.

“Both of these markets present themselves as great alternatives to living in Manhattan at a much cheaper cost to the user,” Kushner told the publication. “And they both have wonderful transportation to midtown and downtown.”

Veteran broker Evan Daniel jointed the brokerage in September to launch its commercial division

In October, the Related Companies bought a roughly 50 percent stake in boutique residential brokerage CORE, as previously reported. [Crain’s]Mark Maurer