Meridian Capital Group has laid around 5 percent of its staff, citing the economic market.
The cuts at the commercial advisory firm were centered on the debt and investment sales team and leasing brokers were not impacted, the Commercial Observer reported.
Specifics of the layoffs were not disclosed and Meridian did not respond to the Observer’s request for comment. The outlet identified the only known employee to be ousted as Jonathan Stern, the firm’s senior managing director of marketing and communications.
One of the city’s more active debt brokerages, Meridian previously made cuts to its staff in March 2020, focused largely on support and back-office operations.
The firm, led by Ralph Herzka, rose by conducting a high volume of smaller deals, which requires more workers. But commercial deals have been harder to come by — and finance — due to rising interest rates and more general uncertainty about the state of the economy.
Meridian was recently involved with the $320 million purchase by Empire Capital and its partners of 1330 Sixth Avenue. RXR and Blackstone were the property sellers; Elliot Kunstlinger and Drew Anderman of Meridian arranged the financing for the deal.
The firm is in good company with other players adjusting expectations and staff in the face of the commercial market’s turmoil.
Maryland-based Walker & Dunlop earlier this month laid off 110 staffers, or roughly 8 percent of its workforce. In a staff memo, CEO Willy Walker pointed to a diminishing outlook, referencing the recent banking turmoil and the Federal Reserve’s efforts to control inflation.
The company said it expects to save more than $20 million this year from the layoffs.
CBRE, JLL, Cushman & Wakefield and Eastdil Secured also previously announced cuts to reduce costs — either through layoffs or other areas of the businesses — as the market has slowed.