Lee & Associates NYC has launched Lee & Associates Residential NYC, a new residential sales and leasing department to be led by Joel Herskowitz, COO of the New York City office of Lee & Associates.
Early in his real estate career, Herskowitz was the manager of what was the largest residential firm in the city during the 1980s.
Agents currently onboard include Adam Frisch, Brett Fischer, Damien Palacios, and Michael Musco. By the end of 2018, they expect to have upto 10 agents in total.
Lee Residential NYC will specialize in both leasing and sales as well as the representation of owners, landlords, sellers and developers.
“It used to be the case that clients wouldn’t want to work with a combined commercial and residential real estate firm,” said Frisch. “However, due to a shift in the industry, the services of a residential broker are now seen as being just as valuable as those offered by a commercial broker.
“Furthermore, property owners appreciate the convenience of a one-stop shop for all their real estate services. As the residential arm of a commercial firm, we have unique insight into the needs of landlords, developers and sellers.”
The new residential division will complement Lee NYC’s existing commercial real estate advisory services including those for office and retail leasing, investment sales and property management.
“A residential division was a very natural next step for us,” said James Wacht, president of Lee NYC. “After realizing that we were outsourcing so much business to residential firms, we decided that it made sense to launch our own operation.
“One of the most important (and challenging) elements of the real estate business is securing relationships. Now that the New York office of Lee & Associates has been active for seven years, we have formed countless relationships and can finally leverage them to serve all of a client’s real estate needs.”