Modern Spaces marks its fifth anniversary with more than $100 million in transaction volume since opening its New Jersey office in January 2020. The firm has established a strong Jersey City presence while expanding into high-growth submarkets across New Jersey and into adjacent regional markets, signaling an increased influence in New York City metro development, investment sales, and residential leasing.
Over the past five years in New Jersey, Modern Spaces has represented 15 new development projects, including ten rental developments totaling $39 million in transaction volume and five condominium projects totaling $28 million, in addition to more than $35 million in sales of investment properties and development sites. In total, they have brought over 1,200 units to market. The office has also delivered sustained leasing performance at key assets, including 55 Jordan, now in its fourth year, and 55 Orchard, currently in its second successful leasing cycle.
“When we opened the New Jersey office in 2020, the goal was to build a focused, hands-on platform for developers navigating an increasingly complex market,” said Eric Benaim, founder and CEO of Modern Spaces. “Five years later, the results speak for themselves. The team has executed across multiple asset types and submarkets, and New Jersey has become a critical growth engine for the firm.”
The New Jersey office is supported by a 14-agent team, including seven onsite sales agents, senior sales leadership, and a broker of record with more than 50 years of experience, providing specialized expertise across ground-up development, lease-up strategy, and investment advisory.
Looking ahead, Modern Spaces is in the midst of launching three new development projects in the coming quarter, including its first expansion beyond Jersey City with a 200-unit rental community in Bayonne, The Seraphine. The firm also recently debuted two additional residential projects in the Bergen-Lafayette neighborhood — Johnston Reserve and 399 Halladay — totaling 80 units.
In 2027, the pipeline continues with two projects in Journal Square, including the 360-unit mixed-use tower Homestead Gateway at 701 Newark Avenue as well as a highly anticipated collection of luxury rental residences located in the heart of downtown Montclair. Additional projects remain in active planning.
As part of this milestone year, leadership within the New Jersey office has also evolved. After founding and leading the office as Managing Director since its inception, overseeing operations, new development strategy, and market expansion, Jesse Toledano has been elevated to Managing Partner, reflecting the firm’s long-term investment in the region.
“Our growth has been driven by deep relationships with developers and a strong understanding of Jersey City and its surrounding markets,” said Toledano. “As we expand into Bayonne, Montclair, and beyond, our focus remains on delivering strategic guidance and execution for new development projects at every stage.”
With a robust pipeline and expanding geographic reach, Modern Spaces plans to continue strengthening its position as a leading boutique brokerage for new development marketing and advisory services across Jersey City and emerging New Jersey markets, while maintaining its role as a trusted partner for investment property and development site transactions throughout the region.
Modern Spaces has been pioneering the Long Island City real estate landscape since 2008. Through intensive market research and a dynamic New Development Team, Modern Spaces quickly established itself as a full-service real estate firm with unmatched influence in Queens and throughout New York City. Most recently, they planted their flag in Jersey City. Their New Development Team is comprised of industry leaders in sales, strategy, research, and design. With $10B in transactions, they are consistently ranked among the Top 10 New Development Marketing Firms in New York City, consulting on a diverse array of projects from boutique three-unit residences to large-scale, 1000-unit buildings.
For additional information, please visit modernspaces.com.
