After moving into six new markets this spring, Serhant is expanding again — but much closer to home.
The firm will later this summer be opening a 10,000-square-foot office at 205 Hudson Street for roughly 70 executives and staffers. The new location — within walking distance from the brokerage’s inaugural Soho office — will also host production space for founder Ryan Serhant’s education business, “Sell It Like Serhant.”
Brokers, the firm’s main in-house production studio and Serhant himself will stay at its inaugural office location on West Broadway in Soho.
Serhant’s eponymous firm has expanded aggressively this year, just shy of the third anniversary of its launch. After debuting in the throes of the pandemic with a social media-centric pitch, the company now employs more than 150 people and has roughly twice as many agents.
Serhant finished sixth in The Real Deal’s 2022 ranking of New York City brokerages, nearly doubling its on-market, sell-side revenue to $542 million from 2021, when it finished 11th with $235 million in volume.
About 50 agents joined this year as part of a six-state expansion into Florida, South Carolina, North Carolina, Pennsylvania, New Jersey and Connecticut, aimed at targeting New York City feeder markets and markets with strong referral ties to the city. Serhant has since teased an expansion to Chicago on his Instagram account and last year hinted at a Texas branch.
The expansion hasn’t been entirely smooth: Serhant and his brokerage have been sued in Pennsylvania and Florida by brokerages from which he recruited agents. The firms allege the on-boarded agents in both markets stole proprietary information.
Serhant isn’t the only brokerage making moves: Douglas Elliman has plans to enter four new markets this year, Compass acquired its first upstate New York team and its first Arizona team, and Corcoran has been expanding its reach in the tri-state area.
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