Joel Herskowitz, former president and CEO of Grubb & Ellis New York, has joined the ranks of the newly formed Lee & Associates NYC LLC.
Herskowitz takes on the title of COO, and his duties will also include broker recruitment, which the Manhattan office has made one of its top priorities.
“Joel is a legend in this city and his knowledge and experience will be crucial as we move forward in developing this office,” said James Wacht, president of Lee & Associates NYC.
“The transactions will be there, but what we need to do now is find those brokers with the experience, knowledge and attitude to mold this office into a top brokerage firm. That’s what Joel will provide – a strategy for recruitment and retention.”
On November 1, Sierra Realty Corp partnered with Lee & Associates to become Lee & Associates NYC LLC.
With the union, the firm joins a national roster of 700 brokers throughout the U.S. including offices in Los Angeles, Chicago, Las Vegas, Dallas and Atlanta.
In addition to Wacht and Herskowitz, Peter Braus rounds up the executive team as executive VP and managing principal. Herskowitz will work with Wacht and Braus to recruit new brokers, manage the brokerage side of the business, and help facilitate the flow of referral business among the various Lee offices.
From 2001-2006, Herskowitz was president of Grubb & Ellis in New York, where he was recognized as one of the three top executives on the national front for outstanding achievements, including earnings before interest and taxes (EBIT), recruiting, retention, and return on revenues. He also collected a special award for being responsible for a 67% increase in annual revenue from 2003 to 2004.
Before joining G&E, Herskowitz, known for his leasing expertise, was executive managing director of Newmark & Company, where he managed the firm’s national brokerage division. Herskowitz also spent time with Cushman & Wakefield and Cohen Brothers Realty Corp., where he held the title of vice president of leasing.
“My passion has always been to lead, build and inspire, and I’m fortunate to be getting the opportunity with Lee NYC,” said Herskowitz, who is also a managing partner with the firm. “This office has made clear its established goals. I have every intention of meeting those goals and then surpassing them.”
Edward Indvik, CEO of Lee & Associates, called Herskowitz’s role in the New York office crucial. “There’s no doubt of the respect and expertise Joel brings to our firm. We are extremely privileged to have someone like him on our team,” he said.
Wacht called Herskowitz’s resume a testament of his know-how and his hands-on approach in developing sales teams, recruitment, training and employee retention, sales and motivation techniques and team building. “Mr. Herskowitz knows what he’s doing. And the fact that he’s part of our team gives us a tremendous leg up on this front,” he said.