NEW YORK CITY-Whoever said that one’s address does not matter obviously did not know what they were talking about. As Lee & Associates NYC starts to “digest what it bit off” in terms of its new hires and new digs, according to president James Wacht, the company will similarly enjoy the benefits of its new home at the corner of 58th Street and Madison.
“We were definitely motivated to move by what was best for the company,” Wacht says, “and we needed an address at which the brokers would feel comfortable. The deal made a lot of sense both economically and for the image of the company.”
And what a refreshingly New York City persona the new offices will present – particularly in light of the recently created Lee & Associates NYC that came about when Lee & Associates partnered with Sierra Realty. The company is taking on 22,665 square feet on the 26th floor of 600 Madison Avenue. The team, which recently hired 15 new workers, Wacht explains, will be taking the next four to six months to settle in, “assimilate” the recent recruits and then look to keep growing.
Even though Lee & Associates NYC is mostly concerned with organizing its team and aligning its strategies, Wacht was still able to outline future acquisition plans. “At the moment,” he says, “we’re considering multifamily and looking at good condo conversion. There’s a potential office/hotel we’re considering in the outer boroughs.” The deal is still too fresh to discuss, and Wacht remains cautious when discussing it.
“It’s not located in a neighborhood you’d think off the top of your head,” he reveals, “But the economics are compelling and the real estate was cheap. We’d do [the project] in stages. Because its in an emerging market, the potential deal is a little more speculative – we’d see if the market would support it and would be very conservative about it as it is a risky proposition.”
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