PRZOOM - /newswire/ -
New York, NY, United States, 2012/03/06 - While most of New York City was finishing up holiday shopping this past December, ERG Property Advisors was busy closing deals that made 2011 the firm’s best year ever - ERGPA.com.
The firm reports that its revenues for 2011 increased 450 % over its 2010 volume, and they are ready to capitalize on 2012’s opportunities.
December capped off this history-making year when ERG CEO James Kinsey and Managing Partner Matthew Sparks closed the firm’s biggest deal to date: the $36 million sale of the landmarked Jarmulowsky Bank Building in downtown Manhattan. The 12-story commercial property located at 54 – 58 Canal Street in Manhattan is slated for redevelopment that will catalyze the transition of this Lower East Side neighborhood into a compelling destination for New Yorkers and tourists. Mr. Kinsey, who represented the buyer, and Mr. Sparks, who represented the sller, worked together with their clients to successfully complete a two-month time-of-the-essence closing.
And, to start off the New Year, Managing Partner Rich Guarino and Director of Investment Sales Andrew Greenberg have worked together to close the $25 million sale of 500 Chestnut Ridge Road, a commercial property located approximately 20 miles outside of New York City in Woodcliff Lake, NJ. The 70,000-square-foot freestanding retail facility, which is in a prime location near major corporate headquarters, including BMW North America and Hilton Hotel, was sold with a 25-year lease in place.
As the teamwork in these sales indicates, ERG has a team and management structure in place to catalyze even more success over the coming year. The firm’s core philosophy is that an innovative team structure that encourages collaboration among brokers ultimately serves both brokers and clients. In the words of Mr. Kinsey,“We have hired tenacious, ambitious people to become ERG brokers, and we support them with not only a highly competitive commission structure, but also ongoing mentoring and training and the opportunity to compete for leadership of prime NYC submarkets.”
As part of its long-term strategy, ERG has more than doubled its brokerage team over the past year and now has 25 brokers, many of whom are teamed up with one of the firm’s senior partners as a part of the mentoring process. The firm’s partners – every one a real estate industry veteran with an impressive track record – each take the lead on one of New York City’s major geographic markets. Chairman James Guarino covers Queens, Mr. Kinsey handles Manhattan, Managing Partner Richard Guarino leads in The Bronx, and Managing Partner Matthew Sparks oversees Upper Manhattan and Long Island City.
One of the rising stars on ERG’s brokerage team is Andrew Greenberg, a specialist in Triple Net investment properties who joined the firm as Director of Investment Sales in 2010. Over the past year Mr. Greenberg closed 11 deals, including a number of NNN properties across six states. His NNN clients include full-time real estate investors with mature portfolios who are looking for an exit strategy as well as part-time real estate investors who are looking for stable income with zero management responsibilities.
While ERG’s core activities are investment sales, retail leasing, and strategic consulting – which includes supporting banks, appraisers, attorneys, and accountants in their respective roles – the firm seeks to offer even more to clients through strategic partnerships. ERG’s alliances with select companies enable the firm to offer clients access to financing and financial market information, residential rental and sales brokerage services, and property management services.
Mr. Kinsey expects a very active market in 2012. The firm expects to hire 10 additional agents to improve its market coverage, including expansion into Brooklyn.