New York City-based Stoop, a flexible living platform and Mdrn., a residential platform for sales and leasing, have just finished raising over $1 million.
The partners have relocated from 900 Broadway to 443 Park Avenue South, where they expect to add 80 more agents to their current roster of 70 by year end.
Mdrn Group LLC represented itself in the 7,500 s/f, two-year sublease at $45 psf. Matt Fisher of Cushman & Wakefield represented the sublessor Recycle Bank. The current asking rent in the building is $59 psf, according to Koeppel Rosen LLC, 443 Park Avenue South’s exclusive leasing and managing agent.
“Mdrn. was busting at the seams due to rapid expansion so moving to a larger office space was our next natural step,” said the firm’s founder, Zach Ehrlich. “In addition, our long-term goal is to open additional offices in the Union Square, Midtown and Brooklyn areas.”
Mdrn. is a traditional residential sales and leasing marketplace, while Stoop offers renters access to the residential bedroom and apartment market for terms up to 12 months.
Mdrn., initially founded in 2014 as a traditional brokerage, has gradually morphed into a marketplace business for sales and leasing. In 2017, the firm added Stoop.
The firm’s investors are a combination of high net worth real estate investors and families, as well as investors affiliated with the venture/tech ecosystem. “The capital will enable both companies to expand on their core real estate operations and technology infrastructure,” explained Ehrlich. “This includes Stoop’s portfolio of turnkey, thoughtfully designed living spaces, as well as Mdrn.’s existing sales and leasing operations.”
Stoop’s current and upcoming portfolio consists of 125 bedrooms in 10 buildings in Manhattan, Brooklyn and Queens. Stoop’s expansion plans include scaling to 500 bedrooms by year’s end.