Boutique real estate brokerage sells 50 percent stake to big developer

One of New York City’s biggest developers, The Related Companies, has bought a 50 percent ownership stake in CORE, one of the city’s most well-known boutique residential real estate firms, The New York Times reported. Terms of the deal were not disclosed.

The deal will allow Related to continue relationships with buyers who live in Related condominiums even after those buyers decide to move on if they then choose to work with Related’s new brokerage partner, CORE, the paper said.

CORE, one of the first firms to sign onto the HGTV reality series “Selling New York,” has 98 sales agents and three offices in Manhattan. The firm plans to use the new investment to quickly expand into Brooklyn and the Upper West Side.