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Photo courtesy of Modern Spaces
To date, they have completed over
$5 billion in sales, with $1 billion in
sales occurring over the past year.
Benaim confirms that the company has
approximately 4,000 units in the pipeline
that they are currently working on.
Now, the company has expanded from its
one office in Long Island City into Astoria,
Manhattan and Brooklyn. Benaim's reasoning
for establishing offices in different neighborhoods
is to integrate the company into
the communities which it serves.
"If we're good to the community, the
community will be good to us," he said.
Benaim has been active in the Long Island
City community over the past 10 years and
is informally known as the "Mayor of LIC."
In addition to Modern Spaces, Benaim also
serves on the board of directors for the
Long Island City Partnership and started the
annual LIC Halloween parade.
He recalled that during the first year of
the parade, which he started with Gianna
Cerbone-Teoli, Raquel Navas-Salas and
Sheila Lewandowski, they gave out about
80 treat bags to 80 children with Modern
Spaces business cards stapled on them.
Over the last few years, he estimates
they've distributed over 1,000 bags to
kids, reflecting the population increase in
America's fastest growing neighborhood.
With the changing neighborhood and
demographic shift, Benaim shares that it's
time for Modern Spaces to rebrand itself.
"Ten years ago, 'modern' meant
something different. The demographics
at the time were people in their 20s and
30s," he said. "Now the demographics are
people in their 20s, 30s and 40s."
He also notes the increase in property
price, with the average unit selling for
$600,000 10 years ago versus $1.2 million in
the present day. The company's rebranding
will involve a shift to a more "elevated" look,
according to Benaim, who adds that they
will be opening up their new 8,000-squarefoot
headquarters in Long Island City by the
end of this year.