The discount-commission brokerage Foxtons has entered the New York City market with an office located in Queens.
The residential firm, widely disliked by its competitors for its 3-percent commissions, leased about 7,000 square feet of office space at 30-56 Whitestone Expressway. The office now has about 30 employees. Foxtons North America is a subsidiary of Foxtons UK, which is based in London and handles 30,000 clients annually.
Foxtons’ North America headquarters is located in West Long Branch, N.J. It already runs offices in New Jersey’s Bergen and Middlesex counties, and seeks to spread throughout the tristate area with plans for about 400 employees. Before opening the Queens office, the company had said it did a limited amount of business in the city.
Foxtons also is opening an office in Westchester, with about 30 employees.
“Foxtons is really saturating the market; in addition to our new offices in Queens and Westchester County, we are currently hiring about 25 people a week to keep up with the consumer demand for Foxtons services,” claims Gina Longo, vice president of marketing for Foxtons North America.