Another Coldwell Banker brand in New York is being absorbed into Compass.
Coldwell Banker Warburg is folding into Compass, ending Coldwell Banker’s five-year run as an owned brokerage in New York City, The Real Deal first reported. The firm will operate under the name “Warburg at Compass,” a spokesperson for Compass International Holdings confirmed to Inman.
The move follows Compass’ completed acquisition of Anywhere Real Estate, the $1.6 billion deal that brought Coldwell Banker, Corcoran and Sotheby’s International Realty under the newly formed Compass International Holdings when it closed in January, Inman previously reported.
Compass’ reach in Manhattan is already substantial. An analysis by the Consumer Policy Center projected Compass could hold more than 80 percent of the Manhattan market, a figure the research group tied to the brokerage’s acquisition strategy across several major U.S. cities.
Coldwell Banker Warburg regional vice president Kevelyn Guzman, who is an Inman contributor, will remain with the team in a leadership role, the spokesperson said, though her title could change. A timeline for the transition and the status of the firm’s offices have not been finalized, according to the spokesperson.
The transition adds to a run of change for Coldwell Banker’s New York City franchises this year. In April, Coldwell Banker Reliable Real Estate, the brand’s largest New York City franchise affiliate, disaffiliated entirely and relaunched as independent brokerage MYNY.
This story was updated after publication with additional commentary from Compass International Holdings and with additional context.
