Manhattan, NY According to Bestreich Realty Group, (BRG) it has opened its first office in the borough, moving into three times the space to accommodate the firm’s growth and expanding market focus to become a full NYC firm.
According to BRG founder Derek Bestreich, the new 5,000 s/f office at 225 Broadway provided the needed space to accommodate growing staff of 15 investment sales brokers and additional support staff.
“We are pleased to announce that our Brooklyn born and bred firm is now stepping into Manhattan and other boroughs,” said Bestreich. “However nothing will change regarding our focus and strong Brooklyn presence in the market. At the present time, we looking to hire experienced, director-level brokers as we expand our focus into other markets across the city,” said Bestreich.
The company --- that specializes in the sale of multifamily, mixed use and development site properties --- also plans to start a retail leasing division and expand their operations into Manhattan, the Bronx and Queens by mid 2018.
BRG brokers have closed in excess of 275 Brooklyn properties and in 2017, the firm sold 44 properties totaling over $135 million including closed and under contract. In a recent city-wide ranking, BRG ranked #33 out of the top 40 investment sales firms in NYC in terms of dollar volume of sales for 2017 and ranked #11 out of the top 40 for number of transactions completed.
Founded in 2016, the firm’s office was in Crown Heights on Dean Street. It focused on central and northern Brooklyn neighborhoods such as Williamsburg, Bushwick, Bed-Stuy, Crown Heights, Park Slope, Lefferts Gardens and Flatbush, closing transactions including a $19.1 million multi-family property at 770 St. Marks Avenue and $11.4 million mixed-use property at 66 Graham Avenue.
“2017 was a really fun and exciting year for us,” said BRG co-founder Luke Sproviero “While some of the larger firms notably pushed into the $30 million to $200 million space, we stepped in and filled the void in the $1 to $30 million middle market range.”
BRG relies on their proprietary enterprise level database, along with neighborhood specific territorial delineations, and a team-based approach to help brokers close deals. Clients include single asset private owners and some of the largest funds and professional operators throughout the Brooklyn and Queens real estate markets.
Looking ahead to 2018, the BRG team is confident of the strength of New York’s multifamily market. “There remains significant pent up demand and liquidity wanting to invest in NYC real estate,” added Adam Lobel, a BRG partner and vice president of sales.
“The new US tax plan appears to be beneficial for commercial real estate,” added Bestreich. “Interest rates remain low. We anticipate an active 2018 where many sellers lock-in strong valuations and buyers make strategic acquisitions for three-plus-year buy and holds.”
Alexander Jinishian and Bronson Kelly from Colliers represented BRG in its multi-year lease deal for the new office at 225 Broadway. The new office officially opened in January.