Real estate companies post gains on NJBIZ Top 250

Jessica Perry//September 2, 2022

Real estate companies post gains on NJBIZ Top 250

Jessica Perry//September 2, 2022

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.

Jason Pucci, COO, The Kislak Co. Inc.

“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.

The Top 250 Privately Held Companies, 2022: Real Estate

Company NJ Employees 2021 Revenue 2020 Revenue  Percent Change
Diane Turton, Realtors 75 22,519,708 23,584,308 -4.514
The Blau & Berg Co. 38 22,000,000 11,000,000 100
NAI Mertz 15 21,500,000 12,500,000 72
The Kislak Co. Inc. and
Kislak Commercial
Real Estate Services Inc.
11 18,682,000 9,751,000 91.591
ERA Central Realty Group 13 9,332,434 8,162,871 14.328
Cervelli Real Estate &
Property Management
18 6,150,000 5,802,000 5.998
Bussel Realty Corp. 22 6,000,000 6,000,000 0.000
JDA Group 10 5,550,000 4,850,000 14.433
Resources Real Estate 8 5,329,012 4,171,216 27.757
Newmark Associates CRE 3 2,158,651 2,114,463 2.09
McBride Corporate Real Estate 3 1,200,000 917,265 30.824

Get more from this year’s list here.