BrokerageIndustry News

Big Manhattan broker closing its doors

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Manhattan brokerage Coldwell Banker Hunt Kennedy has closed its doors, with about 90 percent of its 200 agents moving to Corcoran Group Inc. and Sotheby's International Realty Inc., company co-founder and Chief Executive Officer David Michonski said.Michonski said the brokerage -- which has roots in Manhattan going back more than 20 years -- was a casualty of the financial industry meltdown. Coldwell Banker Hunt Kennedy saw the $22 million in revenue generated in 2007 decline by 35 percent last year, and another 50 percent this year, he said."The rest of the country has been in real estate recession for several years," Michonski said. "We entered a meltdown here starting last September that has been relentless."The firm's impending closure was first reported in a trade publication, The Real Deal, which cited anonymous sources and a leaked companywide memo.Michonski dismissed as "wildly inaccurate" reports that the company is $12 million in debt and would ...