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Nearly all the participating firms operating in the real estate sector saw some sort of growth over the course of 2021, according to data from the latest NJBIZ Top 250 Privately Held Companies list published Aug. 22. And to one of the leaders of those companies, that’s not surprising.
Pucci
“I mean, 2021 was objectively an incredible year,” The Kislak Co. Inc. CEO Jason Pucci told NJBIZ.
Of the 11 companies that self-identified as working in the industry, just one posted a decline in 2021 revenues over 2020 – Diane Turton, Realtors (-4.5%).
Woodbridge-based Kislak, a commercial real estate brokerage firm that does much of its business in the multifamily sector, posted growth of 91.6% for 2021. And even though the year prior was 2020 – with the onset of COVID-19 and shutdowns – Pucci described it as strong as well.
“We had a great first quarter in 2020, and then of course the pandemic began and the shutdown happened – in 2020 the second quarter was basically non-existent. Everything just was put on hold,” he said. “And then once the end of June of 2020 rolled around, it was like – at least as far as our business, I know we were still dealing with the early challenges of COVID … it was like someone flipped a switch at the end of June, at least for us. And people realized, ‘Hey, we’re going to start doing deals again.’ And that pace began to increase from the summer of 2020 going forward.”
On the 2021 Top Companies list, the company reported 2019 revenue of $11.11 million, a 12% decrease for 2020.
“We had a strong 2020 considering that we didn’t operate really within one of the quarters,” Pucci said. “And then that continued through 2021.”
Still, he said that at this point in the year, Kislak is actually slightly ahead of its 2021 pace.
“Now that may change with the recent rise in interest rates and fluctuations in the market. But we’re still dealing with a very strong market, particularly with the sale of multifamily properties,” Pucci said.
Get more from this year’s list here.
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August 29, 2022
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