Modern Spaces CEO Eric Benaim said he’s been thinking about opening a New Jersey office for some time. This past year convinced him the time is right.
In March, the firm that has marketed more than $3 billion worth of real estate in New York City since its founding in 2009 announced it has opened an office in Jersey City.
Lawrence Perlaki, who was born in Jersey City and raised in Hudson County, will serve as managing director and broker of record for the 11-person office at 295 Newark Ave., a historic, 1929 Art Deco building, which was formerly a bank and a police station.
The firm occupies the entire ground floor, about 2,000 square feet.
Benaim said he is excited about the entry into the state.
“Modern Spaces has been actively looking at the Jersey City market for years,” he told ROI-NJ. “Now, with so many people looking for larger homes to accommodate working and learning remotely, the outer boroughs, like Queens, have been increasingly popular.
“We see Jersey City as New York City’s sixth borough.”
Benaim said the firm already is marketing a handful of top properties, including the most expensive condo for sale in the state, the Villa at the Oakman, a $5.5 million property that launched this month.
It also will be marketing the Riverview, which features 13 luxury condos and one retail condo in Jersey City Heights, and 55 Jordan, a 267-residence, fully-amenitized luxury rental building in Journal Square.
“Jersey City provides quick and easy access to Manhattan and city life, as well as suburb-worthy perks like less density, more sense of community and easier access to parking for those who aren’t yet comfortable getting back on public transit,” Benaim said.
Benaim said Modern Space is a full-service firm.
“From inception to completion, we offer a wide range of services from initial planning, consulting, design, branding, staging and market analysis,” he said.
He also is confident the firm will quickly grow.
“Our greatest attribute is our ability to connect to each person in the buying, selling and new development processes,” he said. “Building long-lasting relationships is at the heart of everything we do.”
Benaim also is confident his firm won’t be the last to come over the river.
“I do feel more companies will eventually be coming to Jersey City to take advantage of its untapped market potential and lower living and operating costs,” he said.
For Modern Spaces, the time finally was right.
“We signed our lease during COVID,” he said. “We felt it was a good time to take advantage of the burgeoning market.”