(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19.)
NEW YORK CITY-In continuing its rapid expansion into the Manhattan marketplace, Lee & Associates has hired three more brokers from Grubb & Ellis to join its New York City office, GlobeSt.com has learned. The firm has hired industry veterans Alan Weisman, Sidney Rosenthal and Jonathan Miller as executive managing directors, upping the total amount of brokers to 30 within Lee’s new office at 600 Madison Ave.
“What we liked about Lee is that the leadership is aggressive, and they are looking to grow the firm,” Rosenthal tells GlobeSt.com. “They are willing to go as far as they can in order to make it easy for everyone else.”
The hires come at a time when the firm is continuing to increase its presence in the New York-metropolitan region. Sierra Real Estate, which manages more than 50 residential and commercial properties, joined forces with Lee & Associates to form Lee NYC in November 2011, making it their second northeast location and its 44th in the US. Jim Wacht, president of Lee NYC, says the firm has been in “high-gear” in terms of broker recruitment—with the underlying objective being quality and expertise. “These three gentlemen not only fulfill this crucial element, but provide further glue in making this office complete and formidable,” he says, in a statement.
With more than 35 years of experience and more than seven million square feet of transactions completed, Weisman primarily focuses on industrial tenants and owners, but has also been a key player in the transformation of emerging areas such as West Chelsea and the Meatpacking District on the office front. Some of his notable achievements include the leasing of the 75,000-square-foot Chelsea Arts Tower, as well as the leasing of the 255,000-square-foot 450 West 15th St. to media, fashion and creative tenants.
Weisman tells GlobeSt.com that he has always gravitated to the “fringe-y” parts of the city. “I didn’t like the idea of competing with every other broker in New York for office space in Midtown,” he says. “I always did the Far West Side and I always interested in the areas that became Meatpacking and became West Chelsea.”
At the same time, he says the neighborhoods are now presenting challenges for start-ups trying to find an affordable foothold in the city, leading new users to seek out alternative space in the outer-boroughs. “So far, it’s been hard to find,” he says. “The office space pricing in Meatpacking us higher than they are in Midtown. You can pay $70 or $75 a square foot for office space upstairs in old wooden buildings in Meatpacking, and that is certainly commensurate with Midtown. The companies that are media-oriented that need to do that are looking for alternatives, and right now, they are hard to find. Lately, my travels have taken me out to Brooklyn and to the Bronx,” he says, noting that he is currently working on a 28,000-square-foot deal in the North Bronx and a 20,000-square-foot transaction in Brooklyn. “I have always had an industrial bent right from the beginning, so I have always looked for industrial-type uses.”
Rosenthal, who has arranged the assemblage of over 30 building sites in Manhattan, including the site for the Sony Building, Park Avenue Tower, 520 Madison Ave., 919 Third Ave. and 9 W. 57th St., has primarily been active in the parking business as a broker and a consultant for over 40 years. Miller, another 40 year veteran of the business, has closed transactions aggregating more than $1 billion, and will focus on investment sales of office buildings, apartments, shopping centers, hotels and retail condominiums.
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