A Manhattan boutique brokerage is expanding its reach.
Platinum Properties, a family-owned firm headquartered in the Financial District, launched its commercial arm, Platinum Commercial.
The new division will be led by Khashy Eyn, who founded Platinum Properties with his sister Dezireh Eyn nearly 20 years ago. Earlier this year, Dezireh took over as CEO from her brother, who became the company’s chairman. Steve Evans, who has been with Platinum for nearly 18 years, will also lead the commercial division as managing partner.
Platinum Commercial has so far this year added 250,000 square feet of new leasing and sales business, doubling its existing business. Under the Platinum Properties brand, the firm has done over $2.5 billion in commercial leasing and sales since its inception in 2005.
“We’ve done a large amount of commercial transactions over the last 20 years,” Eyn said. “The issue was, people would look at us as a residential firm when they went to our website, so we wanted to separate the identity of our companies.”
Eyn said the firm had previously done much of its work on tenant representation, but has been adding landlord representation as it has grown the commercial business.
Notable deals include Silverstein Properties’ $248 million purchase of 116 John Street from MetroLoft in 2021. The company also represented venture fund Liberty City Ventures in its 11-year lease of a 16,000-square-foot space at 33 Irving Place.
Platinum Commercial has been tapped to lease over 140,000 square feet of office space at 30 Wall Street, a 12-story commercial building that once housed Platinum Properties itself.
The wheels started to turn for Eyn during the pandemic, when the city was plagued with sky-high vacancy rates and an overall downturn in the commercial market.
“There was a lot of opportunity for new players on the block,” he said. “In a down market, there’s an opportunity to make a name for yourself.”
Eyn said the intention is to grow organically and slowly in terms of both landlord representation and headcount.
“We don’t want to be a 100-person firm, or a 50-person firm — we want to be 25 people, max,” Eyn said of the commercial division.
The announcement continues a busy year for the Platinum group. In December, Platinum added Karen Gastiaburo as its new sales director, and Dezireh Eyn said this year will be the first that Platinum will be actively recruiting agents.
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