Paul Massey bought his brokerage B6 Actual Property Advisors — a brand new lease on life for a enterprise from one of many business’s most revered veterans that struggled to live up to its expectations.
Massey folded his eight-year-old firm into Horvath & Firm, a Boston-based brokerage based a decade in the past by a pair of Marcus & Millichap i-sales brokers that now has 17 workplaces throughout the nation.
“Paul’s status is stellar. And he’s going to have the ability to assist us from a progress standpoint and from an organizational standpoint, Horvath co-founder Bob Horvath informed The Actual Deal.
Horvath & Tremblay opened a New York workplace in 2024 and had 4 staff earlier than folding in B6, which had about 20.
Horvath declined to touch upon the monetary particulars of the deal, however famous that his firm has a centralized operational and know-how group, releasing up the workplaces in every market from having to construct these features out.
Massey stated he had met with the Horvath founders across the time he and former accomplice Bob Knakal bought their brokerage Massey Knakal Realty Providers to Cushman & Wakefield in 2014 for $100 million.
“They’re doing 1031s and have a giant presence in multifamily and have an appraisal enterprise,” he stated, explaining the similarities between their enterprise and B6.
Massey and Knakal shocked the business after they bought their firm to Cushman at a time when the brokerage business was present process a wave of consolidation. However the marriage didn’t work out as deliberate: Knakal was fired in 2018 and Massey left across the similar time after an unsuccessful bid for New York Metropolis mayor in 2017.
Massey launched his B6 (quick for “Constructing By Constructing, Block By Block”) and staffed it with a handful of Massey Knakal alumni with a deal with a tech-centric brokerage. However the firm struggled financially.
By 2023 Massey personally and his enterprise owed greater than $1 million in tax liens, and struggled to pay lease on the brokerage’s workplace. Plenty of the corporate’s stalwart brokers additionally left.
Massey acknowledged the corporate’s struggles, saying the adjustments to New York’s lease legal guidelines and downturns within the workplace and retail markets affected the enterprise. He stated he was capable of stabilize the brokerage and is trying ahead to rising as a part of Horvath & Firm.
“We loved our time doing B6, nevertheless it was a problem,” he stated.
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Massey faces mountain of debt as his brokerage struggles
