From humble beginnings to finding success:
Modern Spaces in Long Island
City celebrates its 10th anniversary
www.qns.com I LIC COURIER I SEPTEMBER 2018 17
BY JENNA BAGCAL
Those familiar with the world of real
estate have probably heard the name
Modern Spaces — the well-known com-pany
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 con-centrated
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 eco-nomic
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 re-sulting
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
by Powerhouse Condominiums.
"They gave us 60 units to rent out,
which we happily took," Benaim said.
Within three months they had sold all
Real Estate
Photos courtesy of Modern Spaces
/www.qns.com
