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The Real Deal – Modern Spaces takes over for Elliman at LIC’s the Industry

September 15, 2011

About one year after launching sales, the Industry condominium in Long Island City will get a
new marketing team, as Modern Spaces gets set to replace Prudential Douglas Elliman at
the 75-unit building next Monday.
Located at 21-45 44th Drive, the building was developed by brothers Alan, CEO and Stuart
Suna, president, of the nearby Silvercup Studios. Alan said they chose the new marketers
because the Sunas’ one-year contract with Elliman had expired and they wanted a
brokerage with a more local expertise.
“We have nothing bad to say about Elliman,” Alan Suna said. “But our strategy was to go
local. Modern Spaces is focused solely on the area… and they have a strong connection with
the community,” he added. “Plus we’re local — we’ve been building here for 30 years.”
Elliman brokers Julissa Velez and David Chi marketed the building out of the firm’s Upper
West Side and Midtown offices at 1995 Broadway and 575 Madison Avenue. Elliman’s only
Queens office is in Bayside. In the past year, the new development team closed on 13 units
and is in contract on two more, according to Streeteasy.com. Elliman was not available for
comment.
It comes as little surprise then, that, according to Modern Spaces CEO Eric Benaim, the local
connection will be at the center of Modern Spaces’ campaign for the condo. Rather than
adjust the prices of the studios and one- and two-bedroom apartments — which currently
range from $399,000 to $819,000 — to spur sales, Modern Spaces will highlight how the
Industry is part of the fabric of Long Island City.
“We want to reposition the building,” Benaim said, which already has residents moved in.
“We want people to know that the same people that brought Silvercup Studios, an icon in the
neighborhood, developed the building.”
Benaim “conservatively” estimated that Modern Spaces, which he said has grown to 30
agents from three in its three years of existence, has a hand in about 70 percent of real
estate transactions in Long Island City. The firm also markets nearby new development the
Yard, the View, and the Murano.