The Corcoran Group, part of real estate heavyweight NRT, today announced it has grown its formidable New York residential real estate operations with the acquisition of City Habitats and affiliated companies.
City Habitats operates 20 rental and sales offices, three affiliated SoLOFTS offices that specialize in loft and fine home sales, and another 15 offices on-site offices at residential projects in the New York metropolitan area. In 2003, Citi Habitats agents completed over 11,000 rental transactions, with a combined sales and rental closed volume of about $900 million.
Citi Habitats and its affiliated companies provide concierge, move-in solutions, wall installation and removal, and other services to consumers in the New York metropolitan area. The firm’s affiliates include Citi Move-in Solutions, Metro Walls, CH Commercial Real Estate Group, Citi Habitats Marketing Group and SoLOFTS.
City Habitats’ 17 offices in Manhattan will continue to operate under the same name, while the SoLOFTS offices in Manhattan and Brooklyn will do business as the Corcoran Group, according to a company announcement. The Corcoran Group now has more than 2,100 sales associates and employees operating in 29 offices in New York City; 13 offices in the Hamptons, Shelter Island and the North Fork on Long Island; and one office in Palm Beach, Fla. In 2003, the organization accounted for $6.5 billion in closed volume.
Pamela Liebman, president and chief executive officer for The Corcoran Group, will continue in her role overseeing all company operations in New York City, the Hamptons and Palm Beach. Andrew Heiberger, president, founder and CEO of Citi Habitats, will continue as president of Citi Habitats, now a division of The Corcoran Group.
“The Corcoran Group is committed to building lifelong relationships with our clients. With this acquisition, we can start building those relationships from the moment a client begins his or her life in New York. As their housing needs mature so will our relationship, whether they are renting their first apartment, buying their first New York City co-op, a secondary home in Palm Beach or a summer house in the Hamptons,” Liebman said.
“For agents in our combined companies, they will help set a new industry standard in distinctive service by having at their fingertips the city’s largest rental listings database, one of the most highly trafficked Web sites in real estate, and a complete suite of affiliated services including corporate relocation,” she added.
Heiberger said, “After 10 years of growing this company from two agents to more than 800 licensed professionals and staff, I consider this union with The Corcoran Group to be our best growth initiative yet. We are instantly gaining exposure in two new markets for us – the Hamptons and Palm Beach.”
The Corcoran Group has been a fast-mover in acquisitions activity in the past year, picking up Hamptons-area powerhouse Dayton/Halstead LLC in March, and acquiring Easthamptons-based Cook Pony Farm Real Estate and Palm Beach-based Paulette Koch Real Estate in October 2003.
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