Paul Massey offered his brokerage B6 Actual Property Advisors — a brand new lease on life for a enterprise from one of many trade’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 places of work throughout the nation.
“Paul’s fame 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 advised The Actual Deal.
Horvath & Tremblay opened a New York workplace in 2024 and had 4 workers 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 expertise group, releasing up the places of work in every market from having to construct these capabilities out.
Massey stated he had met with the Horvath founders across the time he and former accomplice Bob Knakal offered their brokerage Massey Knakal Realty Providers to Cushman & Wakefield in 2014 for $100 million.
“They’re doing 1031s and have an enormous presence in multifamily and have an appraisal enterprise,” he stated, explaining the similarities between their enterprise and B6.
Massey and Knakal shocked the trade once they offered their firm to Cushman at a time when the brokerage trade 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 identical 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 concentrate on 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 hire on the brokerage’s workplace. Plenty of the corporate’s stalwart brokers additionally left.
Massey acknowledged the corporate’s struggles, saying the modifications to New York’s hire 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
