MNS closes only Manhattan office

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

TRD 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.

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