Westchester real estate shake-up

From The Real Deal

The New York City real estate world has closely followed as brokerages here have downsized and shuttered offices. But just north of the city, in Westchester, N.Y., the real estate industry has quietly seen a shift of its own.

Indeed, some say the brokerage world there has been irrevocably altered during the downturn as some firms have announced closures, and others have set up shop or merged with larger corporate entities, poaching agents along the way.

The biggest shake-up, of course, was Sotheby’s International Realty’s October decision to terminate its presence in the county altogether. Sotheby’s sold four of its offices — its three "golden triangle" offices in Scarsdale, Rye and Larchmont, as well as one in Chappaqua — to an affiliate, William Pitt Sotheby’s International Realty. In addition, it shut down a fifth office in Katonah, farther north in Westchester.