A true New Yorker and lover of its architecture, history, and culture, Eric Benaim is the CEO & Co-Founder of Modern Spaces. Eric co-founded the company as a boutique real estate brokerage and marketing firm, that strives on delivering service on a more intimate level. A passion for New York City and it’s architecture is what first drew Eric to the real estate industry, after previewing the first Avalon building in Long Island City when it first opened in 2002.
We had the opportunity to ask Eric some questions that he was nice enough to answer for us. Here they are!
Tell us about your childhood
I grew up in Jamaica Estates Queens in a typical suburban house. My parents came from Israel, so I am a first-generation American. My father is/was the hardest worker I know – he came to this country with nothing, not even speaking English, and worked hard to give us a comfortable life. He has owned various businesses and properties for years. On Sundays, when I would spend the day with my dad (because he was working the other six days of the week), instead of playing catch with me, he would take me out to meetings and let me hear how he would negotiate with people and conduct business. And on the ride home, he would question me and give me pointers on how to negotiate etc. I learned how to be a business man and was an entrepreneur at age 10, always starting businesses because of my father. I bought my first apartment at age 22 in Forest Hills, lived in Astoria for a little bit after that and then moved to Long Island City in 2006, where I currently live.
When did you start your real estate career and what got you interested?
I started right after 9/11. At the time I had a company doing events and parties, and no one wanted to party after 9/11. My father had been pushing me to get my real estate license so I did. I actually hated the business the first couple of years…
Over $1 Billion in sales? Impressive. How’d you hit that number?
We market a lot of projects, many of them with a couple of hundred units each, so it definitely adds up. It’s a great milestone for us, and I’m looking forward to hitting our next one…
What gave you the idea for Modern Spaces?
Throughout my real estate career I had been associated with several companies that I didn’t really like the culture of. I wanted something fresh and different, more involved in the community. I was itching to start my own company, and at opening event for a building, Ted, my business partner, and I were talking at the event and he said “we should start our own company” and literally the next day we met to discuss our plan and planned it out that night at a restaurant. A couple of weeks later, we signed a lease for a space and that was that.
How do you like being called “The Mayor?”
I find it humorous. I always make it a point to get to know everyone in my neighborhood, from the old lady on the stoop to the bartender. When a new business would open, I’d walk in and welcome them to the neighborhood. When I would take clients out for tours, everyone would always wave at me or say hello, and every time the clients would say “you’re like the mayor!”. Later on I got involved in community organizations, volunteering, fundraising, connecting people and businesses with one another, and everyone started calling me that.
What is the most expensive home you’ve ever sold?
Well I’m not an agent anymore, I’m running the company now. But when I was an agent, it was probably around $3 million. But I was more of a volume broker – I would sell 5-10 apartments on a single weekend, sometimes more, which would add up to being around $10 million or so.
Have you ever dealt with celebrities? If so will you tell us who and what it was like to work with them?
Probably the biggest name I dealt with was Placido Domingo – I dealt mostly with his people and met his wife – they were all nice.
What would your advice be to aspiring real estate brokers and entrepreneurs?
Try to focus on a niche. Whether it’s a neighborhood or a type of product, like lofts or townhouses, focus on one niche and be the expert in that area.
What kind of real estate do you think is the most sound investment today?
Definitely the outer boroughs. I like multifamily investment properties in an up-and-coming area.
If you could live in one house in the world, what house would that be and why?
That is a tough question. I honestly wouldn’t live anywhere else besides NYC. I’m a true New Yorker – I live in a beautiful loft now and would love to upgrade one day to a townhouse, but not outside NYC. I look at the whole city as my house, to be honest. I can’t picture a better place to be.
