RP Miller Realty Group, a boutique luxury residential real estate agency founded by Reba Miller, announced the company’s expansion into the commercial real estate sector appointing Jeff Karp as Head of the commercial division.
The firm, which has achieved $90 million in residential contracts, has already proven successful in making inroads within the commercial space.
In late October, RP Miller sold a 10,000 s/f, newly-constructed, mixed-use building in the heart of Madison Avenue’s Gold Coast, with two more sizable deals in the pipeline.
As a career independent broker, Miller left her partnership serving as managing director of sales at CORE to re-launch her firm in the spring as RP Miller Realty Group.
Recently, the group has instituted a proprietary technology for virtual walkthroughs of real estate listings using 360-degree immersive panoramic photography that simulates an in-person walk-through.
“I’ve been working in residential real estate my whole career and the commercial space is an area which has always interested me,” Miller added.
“With the firm seeing a rapid success of luxury residential deals through the summer, we saw a strong potential with our team of current and new agents to grow beyond luxury residences and market some of the valuable commercial spaces the city has to offer.”
The commercial division is focused on marketing investment properties in New York City, but already has many inquiries from buyers and sellers in other states for industrial and hospitality asset classes and will seize other building sale opportunities as they develop.
The division has significant expertise in both residential and commercial 1031 Exchanges.
“Jeff has a proven track record dealing with a variety of commercial assets throughout the city, and I am thrilled to have him on board heading the commercial division of RP Miller Realty Group,” said Reba Miller, founder of RP Miller Realty Group and recipient of the 2014 REBNY Henry Forster Award.
“With Jeff already spearheading three big commercial deals, I am confident that under his leadership our new division will be highly successful.”
Karp will oversee the commercial division, focusing on sales and leasing primarily in the NYC Area.
With broad experience in Manhattan and other urban markets, Karp was previously involved in the direct underwriting and marketing of over $1 billion of commercial assets in his role at Stan Johnson Company.
Prior to that, he worked at Newmark Grubb Knight Frank as a leasing broker and CB Richard Ellis Group, Inc. in investment sales.
Some of the projects he has worked on include: AIG (70 Pine St. & 72 Wall St.), 95 Morton St., 299 Park Ave., Park Lane, 510 Madison Ave., Whitney Brownstones, 325 West Broadway, the Helmsley Portfolio worth upwards of $4 billion and a Fifth Avenue retail condo listed at approximately $100 million.
“I am grateful for the opportunity to work with Reba in launching this division and continuing the success of the firm as we enter the commercial leasing and sales space,” said Karp.
“RP Miller Realty has a unique opportunity to merge the business of residential and commercial real estate, and I’m excited to manage this initiative and turn the luxury real estate agency into a major player within the commercial real estate business.”