Modern Spaces has just opened its seventh office in New York City.
The company, which is based in Long Island City, is expanding its footprint in the neighborhood.
The firm’s new space will be located at 47-46 Vernon Boulevard in Long Island City, which was previously the headquarters of the now-defunct Dream Property.
The new office will help the company maintain its stronghold in the LIC market. According to Eric Benaim, Modern Spaces’ founder and CEO, his firm has 70 percent of the neighborhood’s residential market share.
Currently, it is involved in five projects in the area. The biggest is The Jackson, a 56-unit luxury rental located in 26-14 Jackson Avenue.
Benaim attributed their continued focus on LIC to their history with the neighborhood. “It’s the area where we first started out. We’ve been in long Island City for about eight years now. It’s our core focus,” he said.
Modern Spaces said that it expects revenue to hit $15 million this year, which would amount to a 50 percent increase from the $10 million it posted in 2015. The firm is on pace to handle $3 billion in residential sales. Last year, it handled $2 billion.