Corcoran finds new digs in Chelsea

Loft space is brokerage’s 13th NYC office
By E.B. Solomont | October 16, 2015 12:24PM

Citing brisk business Downtown, the Corcoran Group has opened a new 13,500-square-foot office in Chelsea, just blocks from the smaller office it closed over the summer.

The loft-style space, located at American Realty Capital’s 218 West 18th Street, brings the firm’s New York City footprint to 13 offices, including eight in Manhattan and five in Brooklyn.

Corcoran’s new space — just blocks from the old digs at 636 Sixth Avenue, which measured 9,000 square feet — can hold at least 80 desks. The Chelsea office is one of the firm’s busiest, and the new office was needed to accommodate a greater number of agents, Corcoran said.

Scott Durkin is the office’s senior managing director.

The residential firm has more than 1,100 agents in Manhattan, second only to Douglas Elliman with 1,900 agents, according to The Real Deal’s most recent ranking of top residential firms. Corcoran closed $4.29 billion worth of sales for the 12 months ended March 31, according to TRD’s analysis.

In its third-quarter market report, Corcoran said the median price for new developments Downtown was $4.825 million, a 204 percent jump from the prior year, driven by closings in West Chelsea and Tribeca. Marketwide, the new development median price was $2.031 million.