In growth mode, CORE is expanding to Brooklyn

Firm adding 20-desk office in Cobble Hill

TRD New York /
Apr.April 22, 2016 12:36 PM

Boutique real estate firm CORE is expanding beyond its, well, core footprint in Manhattan with a new office in Brooklyn.

Following in the footsteps of other residential brokerages in Manhattan that have crossed the river, CORE plans to open an office in June at 180 Smith Street in Cobble Hill, CEO Shaun Osher told The Real Deal. The space will accommodate 20 agents.

CORE, which has three offices in the Flatiron area, Chelsea and Upper East Side, also signed a lease for a fifth office at 149 Fifth Avenue in the Flatiron. That office, which will have desks for 55 agents, is set to open next month.

Founded by Osher and the Cayre family in 2005, the brokerage has been adding agents at a rapid clip. Its current agent headcount is more than 160, according to listings portal On-Line Residential. CORE had 115 agents a year ago, according to The Real Deal’s annual ranking of residential firms published in May 2015. At that time, CORE had $277.5 million worth of listings, up from $156.9 million a year prior.

“A real estate company is only as good as the agents they have,” Osher said. “The [new offices] are driven by the need to expand because need space for agents who’ve come to CORE.”

Osher said his firm’s new development pipeline has swelled to 16 projects in various stages of planning.

In October 2013, mega developer Related Companies acquired a 50 percent stake in CORE for an undisclosed sum. At the time, the companies said Osher would collaborate with Related on future new development projects.

CORE will encounter a number of rivals when it opens its Cobble Hill office. The Corcoran Group has had a presence in the borough since the 1990s and firms like Douglas Elliman, Brown Harris Stevens and Halstead Property have been scrambling to expand in Brooklyn.

Last year, rental giant Citi Habitats acquired Brooklyn-based and overnight, gained two large offices in Williamsburg and Cobble Hill. MNS closed its sole office in Manhattan last fall and moved its headquarters to Williamsburg.

Related Articles

Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Elsa Segura (left) was arrested in connection to realtor Monique Baugh's (right) murder (Credit: iStock)

Second suspect charged in real estate agent’s abduction, murder

Clockwise from top left: John Gomes, Ronita Kalra, Eric Beniam and McKenzie Ryan (Credit: Getty Images, iStock, Wikipedia)

“We’re putting ourselves in situations where anything is possible”: Real estate agent’s killing rattles industry

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years