HKS hires former Eastern principal to launch new i-sales division

Firm is also rebranding as HKS Real Estate Advisors

TRD New York /
Sep.September 26, 2018 02:00 PM

Peter Carillo (Credit: Getty Images and iStock)

UPDATED, Sept. 27, 2018, 10:45 a.m.: HKS Capital Partners is joining the onslaught of companies that are launching investment sales divisions.

The capital advisory firm has hired former Eastern Consolidated principal Peter Carillo to build its new business line.

The firm — which was founded by Jerry Swartz, Ayush Kapahi, and John Harrington in 2011— is rebranding as HKS Real Estate Advisors to reflect its expansion into investment sales.

“Ayush and I talked for years about working together – merging his depth of experience in the commercial finance market and mine in the investment sales arena,” Carillo said in a statement.

Carillo started at Eastern Consolidated in 2002 and closed two of the company’s largest transactions during his time there. These included the $225 million sale of a 48-building portfolio in East Harlem with 1,141 apartments and 58 retail units from the Kessner family to the United Kingdom-based institutional investor Dawnay Day and a 15-building, 1434-unit portfolio in Brooklyn and Staten Island that Coney Realty Group and Malek Management purchased from Urban American Management.

Eastern Consolidated announced in June that it was shutting down, putting its roughly 100 brokers on the market. Since then, multiple brokerages have announced that they will launch investment sales divisions.

Lee & Associates NYC launched an investment sales division this summer and just hired Ben Tapper of Eastern Consolidated for the team.  Additionally, mortgage brokerage Cooper-Horowitz tapped former Winick Realty Group directors Elana Tsyganko and Max Kostikov to launch its investment sales platform earlier in September, and Compass just launched a commercial division in August.

“A lot of them are being spawned, obviously, by Eastern closing its doors,” said Joel Herskowitz, COO of Lee & Associates. “That’s probably the common denominator with a lot of them. Not with ours but with a lot of them.”

Tim King, a managing partner at CPEX Real Estate, said the recent bout of brokerages launching investment sales divisions was due to an effort to develop multiple revenue streams.

“People are looking to diversify, and it’s not like a doughnut shop starting to sell hamburgers tomorrow,” he said. “There’s a lot of synergy — or people think there is — between debt and sales.”

Clarification: This story has been updated to clarify that Benn Tapper was hired to work on Lee & Associate’s i-sales team, not to oversee it.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

Clockwise from left: 2 East 55th Street, 25-25 Borden Avenue and 91 Ludlow Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

1890 Lexington Avenue and 22 St. Marks Place (Credit: Google Maps)

Here’s what last week’s $10M-$30M investment sales market looked like

2018 Avenue U and 252 Newport Street in Brooklyn (Credit: Google Maps)

Here’s what the week’s $10M-$30M investment sales market looked like

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

In the third quarter of 2019, nine sales totaling $587 million closed in the central business district (Credit: iStock)

Chicago’s ice-cold office market is finally heating up. But don’t get too excited

From left: 254 Water Street, 45-01 Northern Boulevard and 34-08 46th Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

arrow_forward_ios