Joe Azar with rendering of Clara Bay Harbor and Chetrit Group’s task in the Miami River district (LinkedIn, Clara Houses, Getty images)
Compass agent Joe Azar is leaping to Douglas Elliman, and taking 4 of his brokers with him.
Azar, who operates Compass’ New York- and Miami-based Azar Crew with his sister Renee, will be a part of Elliman as running director of its new development leasing staff, which recently expanded into South Florida.
Coming with him are Miami brokers Richard Fernandez, Jesse Lehman, Santos Quinones, and Walter Gomez. Renee Azar, who prospects the Azar Team’s New York operation, will continue being with Compass, Joe explained, including that he designs to double the size of his staff at Elliman.
Azar has spent his occupation brokering each household sales and heading big-scale leasing projects. His job sales quantity hit $350 million this 12 months, he explained. His previous leasing operate consists of the co-living task X Miami and Blu27 at Edgewater.
Azar and his crew are the 1st exterior hires on Elliman’s new improvement leasing division considering that its growth to Florida. The brokerage launched the division in July, with Matthew Villetto at its helm as executive vice president.
The division’s to start with leasing assignments involve James Curnin’s Clara Bay Harbor and Joseph Chetrit’s billion-greenback blended-use venture on the Miami River.
The Clara Bay Harbor enhancement consists of 3 six-tale properties totaling 150 units, the very first 28 of which are predicted to come on the net upcoming summer season.
Chetrit’s project is several a long time in the producing, and in accordance to Azar is envisioned to consist of about 1,200 rental units. The developer secured a $310 million building personal loan for the 6.2-acre web site in November.
Azar reported the prospect to shift to Elliman arose when a developer name-dropped him early in the firm’s transfer south.
The role was “basically developed for me,” he said.
Azar joined Compass in January 2020, when the brokerage was aggressively growing into both Miami and New York. He exits the company as it shifts its concentration to cutting down charges and pursuing profitability, its stock obtaining declined a lot more than 60 per cent since the start off of the 12 months. Elliman’s inventory is down extra than 50 p.c in the identical period of time, though it reported a slender financial gain in the second quarter, in comparison to Compass’ $101 million reduction.
Azar said he wasn’t hunting for new chances when Elliman came knocking. Asked whether he would have stayed at Compass, he declined to remark.
