BY JENNA BAGCAL
T @JENNA_BAGCAL hose familiar with the world of
real estate have probably heard
the name Modern Spaces — the
well-known company celebrated
its 10 year anniversary this past
July. But according to the CEO,
president and co-founder, Eric
Benaim, its good reputation and high
acclaim is not something that happened
overnight.
Prior to his career in real estate, Benaim
was the owner of a live event production
and marketing firm that concentrated on
Manhattan luxury sales. But as time went
on, he realized the untapped potential in
the Queens real estate market, particularly
in Long Island City. In 2006, he sold
over 50 residences in the burgeoning
neighborhood.
In late July of 2008, Benaim and his
business partner Ted Kokkoris started
Modern Spaces in the midst of the economic
crisis. They opened their first office at 47-42
Vernon Blvd. and ran their business without
a website for the first few months. Soon
after they established the business, Lehman
Brothers filed for bankruptcy resulting in
hardships for Benaim's company.
"It seemed like the world was going to
end," Benaim said.
Following the crash, the LIC resident
said that the company experienced a
"dark winter" where he recalled they had
"no money in the bank." They borrowed
money from family in order to sustain
their business and keep up with costs.
During their first year, the company's
focus was on selling walk-up apartments
and Benaim said that the company did
not make a profit for the first couple of
years. But things started looking up in
early 2009 after they were approached
32 SEPTEMBER 2 0 1 8
by Powerhouse Condominiums.
"They gave us 60 units to rent out, which
we happily took," Benaim said. Within
three months they had sold all the units
Powerhouse gave them.
Since its inception, Modern Spaces has
increased from two to three agents to
over 100 and has secured over 70 percent
of LIC's market share. The full-service
company is involved in all aspects of the real
estate process including predevelopment
consulting, staging and selling properties.
REAL ESTATE
Modern Spaces in Long Island City
CELEBRATES 10TH ANNIVERSARY