Greg Corbin and Aaron Jungreis (Credit: iStock)
June 4th, 2019, by Eddie Small
Greg Corbin and his team are saying goodbye to Besen & Associates and hello to Rosewood Realty Group.
Corbin has joined Rosewood as executive managing director and will continue leading the Corbin Group at his new firm, Rosewood and Corbin announced on Tuesday. Brokers Aaron Kline, Brandon Serota and Chaya Milworn will join him in the move.
Rosewood president Aaron Jungreis said in a statement that he is particularly excited to bring Corbin’s skills handling properties in bankruptcy to the company. Corbin has sold almost a dozen buildings in bankruptcy over the past few years worth a total of $135 million.
“Greg’s deep-seated relationships and experience in the distressed arena will be crucial to transacting in the bankruptcy, foreclosure and stalled development markets,” Jungreis said, adding that Corbin will bring marketing and branding skills to Rosewood.
Corbin said in a statement that he was “excited to begin working” at Rosewood and chose to join the company because he felt that his “brokerage style was the most complimentary with Aaron’s.”
Corbin plans to focus on properties throughout the city at Rosewood, as his deals have generally been evenly distributed across Manhattan, Brooklyn, Queens and the Bronx. He currently has four buildings in contract worth $34.6 million overall, and some of his better-known deals include the $22.9 million sale of 2520 Tilden Avenue in Brooklyn and the $25 million sale of 142-28 38th Avenue in Queens.
The Real Deal had Rosewood in fifth place on its latest ranking of investment sales firms with $1.7 billion worth of sales last year. Some of Jungreis’ recent deals include the $75 million sale of an 11-building portfolio in the Bronx and the $21 million sale of 35 Bedford Street in the West Village.
The multifamily market has faced serious headwinds, as legislators consider a package of bills that could remove or eliminate preferential rents, IAI and MCI programs and vacancy decontrol. There’s been little volume as investors and prospective buyers wait for Albany to enact legislation.
Besen & Associates did not respond to a request for comment.
The firm is currently in the middle of an ugly legal conflict between CEO Michael Besen and his former partner Amit Doshi, who left the firm last summer for Meridian Capital Group. Besen sued Doshi for $10 million shortly before he left the firm, accusing him of taking almost $1.5 million from Besen & Associates and putting it in a secret “Doshi Account” for personal investments.