Town Residential Establishes Commercial Arm [Updated]
Lauren Elkies Schram Sept. 24, 2014, 1:49 p.m.
New York residential brokerage Town Residential has developed a new commercial division called Town Commercial, Commercial Observer has learned.
On Monday, Jonathan Butwin assumed the position of running Town Commercial out of the firm’s offices at 25 West 39th Street. He is in the process of building his team.
“Together with my team, we will provide strategic insight and hands-on support to not only meet, but exceed, our clients’ acquisition, disposition and 1031-exchange needs,” Mr. Butwin, a managing director, said in a prepared statement.
Mr. Butwin, who made Commercial Observer‘s “30 Under 30” list of New York’s most promising young commercial real estate brokers last year, comes from RKF, where he was a member of the investment sales and advisory services group.
This year, Mr. Butwin was involved in representing both the purchasers and sellers in a $23 million deal at 257 Water Street and the $15 million transaction at 63 Spring Street as well as the $60 million sale of 47-25 34th Street in Long Island City from BLDG Management to Brickman. He also worked on BLDG’s acquisition of the property the year prior.
“As our market continues to evolve our clients demand a well-rounded single provider to service all their needs whether commercial, residential or new development,” said Jeff Appel, president and chief operating officer of Town Residential.
Town’s news comes on the heels of Douglas Elliman Real Estate’s announcement earlier this month that it would be expanding with a commercial division, Douglas Elliman Commercial, by joining forces with Williamson, Picket, Gross.
“Jonathan was an analyst with RKF and an integral member of our investment sales team for a little more than six years,” Jeff Fishman, president of RKF Investment Sales & Advisory Services, said in a prepared statement. “I am confident he will be a great addition to Town, and we wish him the very best.”
Update: This story was edited to include a comment from Jeff Fishman, president of RKF Investment Sales & Advisory Services.