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Undeterred by the city’s tumultuous brokerage landscape and tepid market, Compass is getting into the investment sales game, announcing the launch of a new division called Compass Commercial.
Former Eastern Consolidated Managing Director Adelaide Polsinelli is joining the firm, along with fellow Eastern principal Ronda Rogovin. Their team will also include Mitchell Goldstick, also of Eastern, and Trystan Polsinelli, Adelaide’s son. Commercial Observer first reported the news.
Polsinelli told Bisnow she was drawn to Compass because of its tech platform and national presence.
“New York City market investment sales market is ripe for change," she said. "Compass will bring its tech-driven platform to enhance to tools available for broker and owners to be more efficient in transactions."
The New York City commercial brokerage industry has seen significant shakeups in recent months.
Eastern Consolidated closed in June, dumping more than 100 brokers and staffers onto the market. Earlier this summer, one of the city’s most prolific deal-makers, Bob Knakal, was terminated from Cushman & Wakefield days before his contract was due to expire.
Meanwhile, Paul Massey has set up his new firm, B6 Real Estate Advisors, and is on the hunt for a total of 50 brokers. This week, Lee and Associates also set up its own investment sales arm, luring a team from Venture Capital Properties.
This is all happening against a backdrop of a lukewarm investment sales market, with the year on pace to close with fewer than 250 deals, according to Colliers International, a significant drop-off from the peak of the market as the economic growth cycle pushes to a near-historic length.
Compass, which launched six years ago and has, until now, worked exclusively in the residential sector, announced it is launching the division with some of the “most experienced real estate agents” in the country.
“We are excited to continue building on the Compass offerings with this new division that allows our agents to provide a full service experience to their clients,” Compass CEO Robert Reffkin said in a statement.
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