Paul Massey’s B6 Real Estate hit with layoffs

Brokerages across NYC continue to let staff go as they grapple with Covid-19

TRD New York /
Apr.April 05, 2020 07:50 PM

Paul Massey’s B6 Real Estate Advisors is the latest brokerage to suffer layoffs as New York City remains on lockdown.

It wasn’t immediately clear how many employees were let go and in which departments they worked. As of last spring, the investment-sales and debt brokerage counted 55 employees, 30 of whom were brokers.

“We deeply regret that several members of our team were let go due to the current business climate,” a spokesperson wrote in an email to The Real Deal. “They are part of the B6 family and our thoughts are with them and their loved ones during this difficult time. Our firm will continue to press forward and serve our clients during these challenging days.”

Massey launched B6 in 2018, and the company has since made inroads in the middle-market brokerage landscape. The firm brokered $241.6 million worth of deals in 2019, and its most notable of late was the $150 million sale of the Kestenbaum multifamily portfolio in Queens to Doug Eisenberg’s A&E Real Estate Holdings. The deal marked the first significant trade since the state passed a tenant-friendly rent law last year, and it served as an important benchmark for the city’s multifamily market.

For years, Massey and business partner Bob Knakal ran Massey Knakal Realty Services, which was the city’s dominant middle-market brokerage. The two sold their company for $100 million in 2014 to Cushman & Wakefield. Massey left the company to start B6 after an unsuccessful bid for mayor in 2017.

New York City has been shut down for three weeks, and without the ability to transact deals brokerages are starting to let staff go.

Ralph Herzka’s Meridian Capital Group made cuts to support staff and back-office roles last week. Some of the city’s biggest residential brokerages, too, have started laying off and furloughing significant numbers of employees.

Contact Rich Bockmann at [email protected] or 908-415-5229.


Related Articles

arrow_forward_ios
Sheldon Adelson and the Venetian (Getty, The Venetian Resort® Las Vegas)

Sheldon Adelson is leaving Las Vegas (maybe)

Sheldon Adelson is leaving Las Vegas (maybe)
(iStock)

Real estate stocks end week mixed as virus fears rise and markets fall

Real estate stocks end week mixed as virus fears rise and markets fall
Columbia Property Trust CEO Nelson Mills and 245-249 West 17th Street (Photos via Columbia Property Trust; StreetEasy)

Columbia Property Trust collects 98% of its rent in Q3

Columbia Property Trust collects 98% of its rent in Q3
A photo illustration of SL Green's Marc Holliday (Getty; iStock; SL Green)

NYC offices get creative to lure workers back

NYC offices get creative to lure workers back
Knotel CEO Amol Sarva (iStock)

Knotel slashes its workforce again

Knotel slashes its workforce again
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)

Here’s what tenants are paying at the Factory in Long Island City

Here’s what tenants are paying at the Factory in Long Island City
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
arrow_forward_ios

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

Loading...