Corcoran Sunshine’s Justin D’Adamo has joined Compass as the startup firm’s head of new development – a key job in an ultra-competitive corner of residential real estate.
As senior managing director of new development, D’Adamo will fill a position that’s been vacant since last April, when former new development chief Roy Kim left the firm.
Kim, an alum of Extell Development, is now at Douglas Elliman.
D’Adamo will focus on new developments outside New York amid the brokerage’s national expansion, Compass said. Billy Goldstein, a managing director of new development, will continue to oversee New York projects.
Venture-backed Compass, which is valued at more than $800 million, has been opening offices around the U.S. in recent months, including outposts in Beverly Hills and Aspen.
D’Adamo, at Corcoran Sunshine since 2005, managed a portfolio of projects with a combined sellout of $6.8 billion, Compass said. He worked on projects including Rudin Management and Global Holdings’ Greenwich Lane, Corigin Real Estate Group’s 20 East End Avenue and others. Prior to his management role at Corcoran Sunshine, D’Adamo sold more than $700 million worth of new units at buildings including the Apthorp and Riverhouse.
Earlier this year, Compass brought in new development marketing guru Louise Sunshine as a strategic advisor.
Compass claims to have $2.5 billion in its new development pipeline. Projects in New York include Aby Rosen’s 100 East 53rd Street and Ben Shaoul’s Luminaire at 385 First Avenue.
The Corcoran Group, with $11.37 billion in NYC exclusives, remains at the top of the heap in new development marketing.