Somerset Partners, EXR join forces to create new Bronx brokerage

EXR Somerset will launch with 20 agents and operate out of the Bruckner Building

New York /
Oct.October 11, 2018 01:30 PM

From left: Keith Rubenstein, Mario Faggiano, Joe Monteleone, and a view of Mott Haven in the Bronx (Credit: Getty Images, Twitter, Somerset Partners, and Max Touhey via Curbed NY)

Keith Rubenstein’s Somerset Partners is teaming up with EXR to bring a new residential and commercial brokerage to the Bronx.

The two companies have established a joint venture called EXR Somerset that aims to accommodate the growing need for landlord services in the Bronx, according to representatives for both firms. It will launch its first office out of Mott Haven’s Bruckner Building with 20 agents, and everything should be up and running by Nov. 1, EXR co-founder Mario Faggiano said.

The South Bronx has exploded in popularity among real estate investors in recent years, but it still does not have much in the way of residential brokerages. The new venture from Somerset and EXR aims to change that, according to Faggiano.

“There’s no serious landlord representation happening from a brokerage north of 96th street even,” he said.

Somerset has been an active player in the South Bronx for years. The company and partner Chetrit Group recently sold a pair of waterfront sites at 2401 Third Avenue and 101 Lincoln Avenue to Brookfield Property Partners for $165 million. The firms had previously planned to construct a seven-tower project with 1,300 residential units on the properties.

Rubenstein said after the sale that he was still committed to being in the Bronx and announced plans to launch a $200 million investment fund for the area a few months later under the new federal tax law’s Opportunity Zone provision.

It is unclear whether Brookfield and their South Bronx project will be one of EXR Somerset’s clients.

Joseph Monteleone, CEO of Somerset Residential, said in a statement that EXR was a “natural fit” to help Somerset meet the “ever-increasing demand for landlord-focused services” in the Bronx.

EXR was founded in 2014 as a Brooklyn-based company, and The Real Deal ranked it earlier this year as one of the fastest growing firms in the borough by agent count. Faggiano said many of the clients the firm has in Brooklyn have properties in the Bronx as well, which was another reason behind the partnership and expansion.

Although the brokerage will be based in the South Bronx, it will operate throughout the borough, Faggiano said.

“A lot is happening in Mott Haven — a lot of new development stuff will be focused there,” he said. “But we’re servicing the landlords across the borough.”


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
Durst Organization president Jonathan Durst and 1155 Sixth Avenue (Durst, Google Maps)
Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
Jenner & Block cuts footprint, takes 67K sf at Durst’s 1155 Sixth Avenue
One57's unit 51B (left) and unit 32C with Extell’s Gary Barnett (One57 photos via StreetEasy)
One57 resident pays $5.2M to swap 2-bed for duplex
One57 resident pays $5.2M to swap 2-bed for duplex
Rendering of Sonnen's ecoLinx home battery (Sonnen)
Off the grid: Developers eye “virtual power plants” for properties
Off the grid: Developers eye “virtual power plants” for properties
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...