Mid-market brokerage Massey Knakal has cut its team of brokers from 63 to 46, according to The Real Deal:
"The latest round of cuts was last month. Compared to the start of the year, the number of agents in Brooklyn and Staten Island has dropped to 14 from 21; and Queens and Nassau has declined from 15 to eight, Massey said. Manhattan, the Bronx and Westchester has fallen by three to 24 brokers."
Paul Massey, CEO and co-founder of the brokerage, told the real estate monthly that the cutbacks had nothing whatsoever to do with the dramatically tanking economy–and the dramatic dip in the volume of investment sales.
"Everyone will think this is in reaction to economic externalities, but the planning for the growth in territory size has been going on all year," he told The Real Deal.
We are incredulous.
In fact, Queens broker John Falco, who lost his job at Massey Knakal, attributed the layoffs to the economy. He told the monthly, "All the real estate firms are feeling the pressure from the credit crunch."
Indeed, there’s been talk of layoffs and brokers abandoning firms since this summer.
In August, Cory Zelnik, of Zelnik and Company, told The Observer: “This is a cliché, but this is the time when the men are separated from the boys.”