MNS closes only Manhattan office

Mid-sized brokerage moves HQ to BK to focus on outer-borough developments

New York /
Oct.October 12, 2015 04:00 PM

Sayonara, Manhattan! MNS real estate is leaving the borough behind as it shifts its strategy to focus on new developments in the outer-boroughs.

The mid-sized brokerage vacated its 6,140-square-foot office at 115 East 23rd Street in Gramercy when the lease expired in September, and has moved its corporate headquarters to 102 North 6th Street in Williamsburg.

The exit from Manhattan represents something of a return to roots for MNS, which got its start in 2009 through the merger of Brooklyn-based new-development specialist Developers Group and Manhattan-focused Real Estate Group of New York.

MNS CEO Andrew Barrocas said the “better location” in Williamsburg prompted the move.

In addition to the Brooklyn corporate office, MNS has two retail stores in Kings County: one at 40 North 6th Street near the North Williamsburg ferry stop and another at 165 Bedford Avenue, a block from the L Train stop.

MNS’ footprint on the Manhattan brokerage landscape declined last year as the strategy shift unfolded. Manhattan listing volume dropped 68-percent year-over-year to $8.7 million, according to an analysis by The Real Deal in May 2014.

Later that year the company ranked 8th in a TRD analysis of the city’s new development marketing firms, with 866 units in its portfolio.

MNS launched presales in July at Adam America and the Naveh Shuster Group’s 190 South First Street in Williamsburg. Studios and one-bedrooms in the 32-unit building range from $575,000 to $2 million.


Related Articles

arrow_forward_ios
Gary Barnett
Gary Barnett has something to say
Gary Barnett has something to say
Ben Shaoul and 1457 North Main Street (Getty, LoopNet)
Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
Ben Shaoul plans 376-unit complex near L.A.’s Chinatown
331 Elmora Avenue and 103 Ryan Street (Kislak Realty)
Tri-state deal roundup: Multifamily, industrial still hot
Tri-state deal roundup: Multifamily, industrial still hot
Adam Leitman Bailey, Y. David Scharf, and Miki Naftali with 215 West 84th Street (Adam Leitman Bailey, Morrison Cohen, Getty)
Naftali lays out project as holdout tenant plays new card
Naftali lays out project as holdout tenant plays new card
Seth Boyden Court in Newark NJ with Great Point Studios CEO Robert Halmi (Loopnet, Great Point Studios, iStock)
Film studio to replace vacant public housing in Newark
Film studio to replace vacant public housing in Newark
Harry and Linda Macklowe (Getty Images, Andy Warhol Foundation for the Visual Arts, Inc./Artists Rights Society (ARS), NY, Sotheby's, iStock)
Macklowe art collection fetches nearly $1B at auction
Macklowe art collection fetches nearly $1B at auction
A photo illustration of charter bus company North Fork Express (left), Tritec Real Estate's planned Ronkonkoma Hub project (middle) and Tritec Real Estate's principal Robert Coughlan (EverybodyWiki/Orenawong, Tritec Real Estate, iStock)
Holdout threatens massive Long Island development
Holdout threatens massive Long Island development
Midwood’s John Usdan and 210 Douglass Street (Midwood)
Landlord in rush for 421a booted Gowanus business: lawsuit
Landlord in rush for 421a booted Gowanus business: lawsuit
arrow_forward_ios

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

Loading...