Josh Flagg Announces a Major Business Deal in NYC: "Hello Manhattan!"
The MDLLA agent and his family just purchased a property in one of New York's hottest retail spots.
Josh Flagg is making waves in the New York City real estate market.
As reported by The Real Deal, the Million Dollar Listing Los Angeles agent brokered a major property acquisition on SoHo’s Mercer Street, a world-renowned destination for luxury shopping. Josh confirmed Flagg Family Capital — owned by his parents, Michael and Cindy Flagg — purchased the building from Rialto Bank and the Jackson Group; however, he declined to reveal pricing details.
Josh Flagg's family company purchases a commercial property in SoHo
In partnership with developers Andrew Aryeh and David Elbaz, Flagg Family Capital reportedly closed the deal on December 24 and will spend the next nine months completing its renovations. The property will reportedly feature 5,500 square feet of retail space across its first and second floors and the basement.
Although it’s unclear what retailers will occupy the building, it’s safe to assume it will house fashion heavy-hitters. The building shares a street with popular brands, like Marni, Khaite, Lanvin, Billionaire Boys Club, and Alaïa. Commercial realtor Jeremy Aidan will oversee the leasing agreements.
Josh Flagg shares his plans for his family's company
The Mercer Street purchase marks a new chapter for the Flagg family business, which began with the apparel brand Edith Flagg (named after Josh’s late grandmother). Josh recently took over the business operations for his father and is looking to take the company to the next level.
“We are changing things up from our previous business model,” Josh said in a statement. “I am focusing on prime locations: Palm Beach, Miami, downtown New York…instead of shopping centers and office buildings, which is what we have traditionally done.”
Will Josh Flagg launch a real estate team in NYC?
The announcement comes just months after Josh began building an investment property in Miami and purchased a gorgeous home in Beverly Hills.
The West Coast native splits his time between LA and NYC, where his boyfriend, Kelton Hovland, was primarily based. Josh said he and his beau typically spend one week in New York every month and the other three weeks in LA; however, he insisted he had no plans to start a real estate team in the Big Apple. He addressed the topic in a July interview with Us Weekly.
“I’ve always said no, because what I have in LA just works,” he said. “But if I’m going to be spending two weeks or at least 10 days a month in New York, I may as well get my license and just because I know so many people here, but it’s not like something I’m pursuing.”
