Daniel Gale Sotheby’s International Realty has launched a new commercial brokerage.
The new company, DGNY Commercial, “represents an extraordinary opportunity for us to broaden our impact in this important market,” Deirdre O’Connell, CEO of Daniel Gale Sotheby’s, said in a statement. “Over the past decade, we have brokered a number of significant commercial transactions in New York City, the Hamptons, and elsewhere on the Island. It’s time for us to stake an ever greater claim with DGNY Commercial.”
Based at the Americana Manhasset shopping center in Manhasset, with 15 licensed agents and brokers who previously handled commercial transactions for Daniel Gale Sotheby’s, DGNY is in “a very high visibility location, so we see that as an advantage,” Alison Faranello, DGNY Commercial’s chief operating officer, said in an interview Tuesday.
Daniel Gale Sotheby's has had a commercial division for 13 years, and with business picking up, it seemed like the right time to launch it as a separate company, she said. The division "has grown considerably over the last several years.... We've outgrown our space, and that's a good thing."
Faranello said while the retail market "will continue to be challenged," with owners of large malls needing to renovate to create smaller spaces and accommodate a different mix of tenants, she said Daniel Gale Sotheby's has closed several major retail and hospitality transactions in recent years, and it aims to get into the strong market for medical space.
Faranello joined Daniel Gale Sotheby's five years ago, after working in commercial and investment banking. As director of corporate development at Daniel Gale Sotheby's, she has spent the past year working on the launch of the new company.
Daniel Gale Sotheby’s represented both the buyer and seller in the $6.175 million sale of the hotel and wedding venue Gansett Green Manor in Amagansett last summer. It also handled both sides of the transaction in the $5 million sale of the Inn at East Hampton in 2018. In addition, the company represented the buyer of a $5.225 million retail property in Bethpage last year, Daniel Gale Sotheby’s said.
Daniel Gale Sotheby’s International Realty has more than 800 licensed real estate agents and brokers and 24 sales offices on Long Island and in Queens.
CORRECTION: An earlier version of this story attributed the Bethpage sale to the wrong company.