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When it comes to real estate, there’s no question New York City is one of the most sought-after international addresses in the world. Even more coveted is the position of selling, marketing, and leasing in this global hot spot. While real estate is a significant factor in the city of New York’s economy, it’s no wonder that thousands of people dedicate their lives and careers to specializing and generating sales in this industry. In terms of selling and marketing real estate, the question then becomes, what sets one brokerage company apart from the next?
Who says billion-dollar condo towers are just for Manhattan? Now Queens is getting one.
Skyline Tower, a 67-story project rising in Long Island City, got approval last week from the state attorney general’s office to begin sales. Its marketing plan estimates the sellout price of all its units to be $1.008 billion, a first for the borough, said Eric Benaim, chief executive officer of Modern Spaces, the brokerage marketing the tower.
Learn how highly successful real estate broker Eric Benaim built an empire from the ground up despite multiple economic crises and the pandemic. Brought to you by GoDaddy. https://www.godaddy.com.
With New York City being one of the world’s most expensive and competitive real estate markets, Eric Benaim came sweeping through the area to redefine what it means to be a successful real estate broker. Formerly a party planner in NYC, the 9/11 tragedy put a major halt to his industry and forced him to pivot his entire career. He shifted into real estate and came across a unique opportunity that would eventually lead to the launch of his own successful brokerage. He sold properties like hotcakes and Long Island City quickly rose to the top in the high-end real estate world. Eric has built a multi-billion dollar empire in the greater NYC area from the ground up, proving that anyone can take on a successful business endeavor no matter what the current economic climate is.
As buildings go up all around Long Island City, so does the cost to live there.
A new report from real estate company Modern Spaces shows condo prices are on the rise in Long Island City.
This leaves buyers looking elsewhere, like Astoria, where one-bedroom condos are about $116,000, less than the average price for a similar unit in LIC.
Experts say prices in Astoria will likely also go up as demand increases.
"It's obviously a good thing right now what's going on in Queens in general. Right now there are a lot of rental product out there but not as much supply for purchase product. So because of that, it's driving prices up. Long Island City is a good example of that. And because the prices in LIC are up, prices in other neighborhoods are going up as well," said Eric Benaim, C.E.O. and President, Modern Spaces.
Benaim says the best time to get a deal if you plan to rent or buy is in the fall.
Several neighborhoods in Queens are now giving Long Island City a run for its money. A new report by the real estate group Modern Spaces shows neighborhoods like Flushing, Rego Park and Sunnyside are offering more affordable options. Eric Benaim the CEO , President and Founder of Modern Spaces spoke to NY1's Rocco Vertuccio.
Modern Spaces Founder Eric Binam on Amazon’s decision to pull out of its HQ2 deal in NYC and how businesses are upset by Amazon’s decision.
For 14 months, about 500 people in Northern Virginia worked to bring Amazon’s second headquarters to the region.
The project brought together different people from all over the area, from Virginia Governor Ralph Northam, to higher education officials, local transportation departments and economic development leaders.
For the majority of the process, local officials were anticipating a single winner. But then rumors circulated that Amazon was considering two locations for HQ2. In November, Amazon made it official: it announced Northern Virginia’s Arlington and New York’s Long Island City would split duty as its second headquarters.
Once considered a barren industrial wasteland in Queens, New York, Long Island City is one of the fastest growing neighbourhoods in the US.
That's likely to continue – after a 14-month contest that attracted hundreds of bids from cities across North America, online retail giant Amazon this week announced it will build one of two new headquarters there.
The company has promised to create as many as 40,000 jobs and invest more than $3.6 billion over the next 15 years. In return, New York’s city and state governments have offered performance-based incentive packages that could top a combined $2.8 billion.
Kushner Real Estate Group and Ironstate Development are investing in residential brokerage, Modern Spaces.
The announcement was made by Eric Benaim and Ted Kokkoris, co-founders of Modern Spaces, in concert with Kushner of KRE Group and David Barry of Ironstate Development.
“We are honored for the investment the Kushners and the Barrys have made into Modern Spaces. Further, we are humbled by their confidence in our business model, their understanding of our intense work ethic on behalf of developers, and our ability to devise creative marketing plans that really connect consumers with new product,” Benaim said.
CNBC's "Power Lunch" team talks with Robert Frank, CNBC's wealth reporter, and Eric Benaim, CEO of Long Island City brokerage Modern Spaces, about how Amazon's decision to pull out of Queens will impact real estate.
Queens will soon be officially taller than Brooklyn.
Skyline Tower, a 67-story new development in Long Island City became the tallest building in its borough last week, surpassing the Citigroup Building, which stands at 673 feet.
Once it reaches its full 762 feet, likely to happen next month, Skyline will be higher in the sky than any other building outside Manhattan, snatching the title from Extell Development’s 720-foot Brooklyn Point in Downtown Brooklyn. The tower has also outranked Heatherwood Communities’ Tower 28, which at 637 feet was previously the tallest residential building in Queens.
After nearly 25 years, the “King of Queens” Eric Benaim and his brokerage firm Modern Spaces have officially expanded into Jersey City, opening its first NJ office at 295 Newark Avenue, where the firm occupies the entire ground floor. Launching in the midst of COVID-19, the Modern Spaces team has already signed several new projects launching in “NYC’s sixth borough” soon.
Mr. Benaim, 36, is the founder, chief executive and president of Modern Spaces, a residential brokerage firm based in Long Island City, Queens; the company also has offices in Astoria, Queens; Williamsburg, Brooklyn; and Chelsea.
Before starting Modern Spaces in 2008, Mr. Benaim worked at several firms, including Citi Habitats and Nest Seekers International.
Modern Spaces’ Eric Benaim has high hopes for Amazon’s move to LIC, but he may have to fend off a flood of competition from bigger firms
Eric Benaim is a home-borough boy.
“I was born and raised in Queens my whole life, and I really wouldn’t live anywhere else,” said the entrepreneurial Long Island City resident, who has turned familiarity with his home turf into business success.
In 2008, Benaim and Ted Kokkoris co-founded Modern Spaces, a brokerage that has grown from a single storefront in Long Island City to a 45-broker operation stretched along the shore of the East River, from Astoria to Williamsburg.
But it was a number of successes in the new developments popping up just across Roosevelt Island from Manhattan that gave the startup its momentum.