Ilan Bracha seeks $20M for Keller Williams’ Tribeca office space

B+B Capital paid $10M in 2014

TRD New York /
Oct.October 04, 2018 05:15 PM

Ilan Bracha and 377-379 Broadway in Tribeca

Keller Williams’ Tribeca office condominium is on the block.

The franchise’s co-founders, Ilan Bracha and Haim Binstock, are asking $19.5 million for the 15,000-square-foot space, located at 377-379 Broadway.

Bracha and Binstock purchased the retail condo through their investment firm, B+B Capital, for $10 million in 2014. They subsequently leased it back to Keller Williams, and Bracha said the space is being offered with the brokerage as a tenant. The condo is spread over three floors — the basement, mezzanine and main level — and Keller Williams Tribeca pays $900,000 a year in rent with seven more years on its lease, Bracha said.

“We’re doing it now because we’re thinking we can get good numbers. The marketing has lots of opportunities now,” he said.

On the heels of a turbulent few months for Keller Williams’ New York franchise, Bracha stressed that B+B Capital and Keller Williams Tribeca are separate entities, and said that both businesses are strong.

Keller Williams moved into the Tribeca space in 2015, the same year it expanded in Midtown, inking a 5.5-year deal to sublease 30,000 square feet at 1155 Sixth Avenue.

Earlier this year, Keller Williams’ Midtown franchise was shaken by the loss of two CEOs in quick succession; the departure of agents to rival firms; and talk of shrinking the office footprint.

The tumult fueled speculation that Keller Williams could shutter its Midtown office entirely — a rumor that Bracha flatly denied.

But he conceded a need for cost-cutting after the brokerage grew to 900 agents. Until recently, the Midtown office generated $1 million in profits a year, according to a company publication.


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Caspi Development’s Joshua Caspi, Core Asset Management’s James R. Parks, Hana Financial Investment’s Lee Jin-Kook, and 456 Greenwich

Goodbye bankruptcy, hello construction loan: Breakthrough for Tribeca hotel project

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Ilan Bracha of Keller Williams and 575 Fifth Avenue (Credit: Google Maps)

Keller Williams Midtown downsizing offices amid belt-tightening

arrow_forward_ios