DudleySmith
Diamond Member
- Dec 21, 2020
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Small and mid-sized firms just keep disappearing, even in NYC.
www.curbed.com
But Alice Mason and Edward Lee Cave shut down their respective firms in 2009, Stribling sold to Compass in 2019, and earlier this month Frederick Peters, the chief executive of Warburg, announced that his firm would soon be Coldwell Banker Warburg. With 120 agents, it was the last independent local company of its size, and as such had been for many years a prime acquisition target for a company like Realogy, which owns not only Coldwell Banker but also Corcoran and Sotheby’s. At this point, all the Manhattan firms are behemoths — Douglas Elliman, Compass, Brown Harris Stevens — along with a few holdout boutiques, with well under 100 agents (most with less than 50, and some with less than 10).
The Last of the Bespoke Brokers
After Warburg’s sale to Coldwell Banker, the business is almost all behemoths, with a few boutiques hanging on.
www.curbed.com
But Alice Mason and Edward Lee Cave shut down their respective firms in 2009, Stribling sold to Compass in 2019, and earlier this month Frederick Peters, the chief executive of Warburg, announced that his firm would soon be Coldwell Banker Warburg. With 120 agents, it was the last independent local company of its size, and as such had been for many years a prime acquisition target for a company like Realogy, which owns not only Coldwell Banker but also Corcoran and Sotheby’s. At this point, all the Manhattan firms are behemoths — Douglas Elliman, Compass, Brown Harris Stevens — along with a few holdout boutiques, with well under 100 agents (most with less than 50, and some with less than 10).
