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NEW YORK CITY-Residential brokerage Halstead Property, LLC has hung out its commercial real estate shingle with the formation of an investment sales division. Industry veteran John Goldman, managing director of the new division, tells GlobeSt.com that over the course of a few weeks of setting up shop prior to Monday’s formal announcement, “we’ve actually gotten more business than we can handle.”

Goldman has already hired Bruce Davis and Roger Coryne from Halstead’s existing staff of brokers, and is looking to expand the roster as quickly as possible. “Unlike some companies or individuals that may not have a lot to do right now, we’re overbooked” and already handling transactions, he says. Halstead’s decision to enter the commercial arena “seems to have been the right one.”

The decision to go into investment sales was a natural outgrowth of the existing business, says Halstead president Diane Ramirez in a release, although Goldman notes that the companny “had not pursued the commercial field in an organized way before. There was a lot of capability, and people in the residential area had access to commercial transactions as well in the normal scheme of things, but that was not something that they had sought after. They decided to set up this division to take the referrals from within the larger organization and service them with a team of experienced brokers, which I’m actively recruiting.”

With the housing slump now beginning to reach the New York City market, it might seem as though the investment sales division was established to take up the slack, yet Goldman says that wasn’t the intention. “A lot of people have asked, ‘Did you go into this because the residential market is down and you needed to do something different?’ and that is not the case,” he says.

Discussions to establish the investment sales operation “predated any change in the residential real estate market,” Goldman says. “The residential business was clicking along when these discussions were held.” Subsequently, Halstead followed through on establishing the commercial division “at a time when some people said this wasn’t the moment to go into new ventures. With everything going on in this world, they were determined to go ahead and set it up.”

Despite Halstead’s background in residential, the investment sales arm will not concentrate on multifamily properties, Goldman says. Thus far, he has already made sales in the office and mixed-use sectors as well as apartment buildings. “We won’t be compartmentalized or establish a niche,” he says. “We’re going to be a little more idiosyncratic and individualized.” He expects that referrals on available commercial properties will come both from within Halstead and from outside the company.

Goldman brings 40 years’ experience to the new venture. Before joining Halstead, Goldman was an executive managing director at Murray Hill Properties, where he sold more than $100 million worth of Manhattan buildings and development sites. As a developer in the 1980s, he built or converted such projects as 55 White St., Clinton Court and 10 Bleecker St.

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