12/02/08

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Massey Knakal looks for Jersey space

Massey Knakal Realty Services plans to sign a lease for a New Jersey office next month, as it expands out of New York City for the first time, said Paul Massey, founding partner and CEO of the commercial real estate company.

The firm, which has offices in Manhattan, Brooklyn and Queens, wants a 5,000-square-foot space near Secaucus, Massey said. The office will cover building sales in the state's dense areas, like Hudson and Bergen counties, which form "a market the size of Brooklyn" and "abuts areas we are strong in," he said.

Massey Knakal has been interested in moving into the New Jersey market since at least 2005, when the firm was looking to open an office in the Garden State the following year.

The firm has not yet hired a broker to represent it but plans to use someone based in New Jersey to secure office space. When negotiating its leases in Brooklyn and Queens, it used local brokers.

A top agent in the company's Brooklyn office, Landon McGaw, was picked to oversee the New Jersey expansion and head the office. Six agents are ready to move to the New Jersey office, which could increase to 15 to 20 staffers in the future.

Massey said he is not worried about market conditions because the firm tends to expand with "a modest operation."

New managers will soon take over the firm's Manhattan and Brooklyn branches. Last week, Massey Knakal announced that Kyle Mast, who was acting as the interim sales manager, will run its Manhattan office.

Next month, the firm will announce the new head of its Brooklyn office. The position has been vacant after departures by Timothy King, who is suing the company for allegedly failing to provide audited financial statements, and his successor, Brian Leary.

Massey said the new Brooklyn head is a manager at another New York City firm.

In a move away from its player-coach model, the Brooklyn manager will be a professional sales manager and will not broker his own deals. The firm adopted the new model, to apply to new managers who are not partners, at the beginning of the year.