Warren Buffett Is Entering Commercial Real Estate In New York
The single biggest name in residential real estate is entering the arena of commercial real estate in the Big Apple.
Warren Buffett's Berkshire Hathaway empire is adding a commercial leasing branch to its HomeServices New York Properties office, to be run by broker Herb Hirsch. It will be under the umbrella of Berkshire Hathaway HomeServices New England Properties/Westchester Properties, the New York Post reports.
Hirsch has hired Dina Fisher and Jeffrey Berman to help with the brokerage arm, which was launched in March but has gone public as it looks to expand its team. The Post reports Hirsch is marketing a 300K SF development site near Water Street.
It is unclear just how big a market share Buffett's newest venture is looking for, but few companies boast a bigger war chest than Berkshire Hathaway. The umbrella company has investments in commercial real estate companies, but its HomeServices brand has never before sought to establish its own commercial brokerage in the country's biggest city.
CORRECTION, JUNE 28 6:25 P.M.: Berkshire Hathaway HomeServices launched an office for its commercial division in its New York branch. it already offers commercial services in other markets. This story has been updated.
