Today, NRT Incorporated, parent company of the Corcoran Group, purchased Allan M. Schneider Associates, Inc, as reported in the Real Deal.
Founded by the late Allan M. Schneider, the firm has been a staple of the Hamptons luxury real estate market for decades. And Mr. Schneider featured prominently in Philistines At The Hedgerow, Steven Gaines’ gossipy look at “passion and property in the Hamptons.”
Now, the company’s 12 offices will operate under the Corcoran Group banner.
More details to come later on. The full release is after the jump.
NRT ACQUIRES ALLAN SCHNEIDER ASSOCIATES
IN THE HAMPTONS UNDER BANNER OF
THE CORCORAN GROUP
NEW YORK (Aug. 10, 2006) – NRT Incorporated, the largest residential real estate brokerage company in the United States, today announced that under the banner of The Corcoran Group, it has acquired the assets of Allan M. Schneider Associates, Inc., in Bridgehampton, N.Y. NRT, a subsidiary of Realogy Corporation (NYSE: H), operates Realogy’s company-owned real estate brokerage offices, including The Corcoran Group. Terms of the deal were not disclosed.
The announcement joins together The Corcoran Group and Allan Schneider Associates, the two largest residential real estate companies on Long Island’s East End. On a combined basis in the region, the two companies have 475 sales professionals who accounted for $2.6 billion in closed sales volume during the last 12 months. Allan Schneider Associates’ 12 offices will now operate as The Corcoran Group.
Peter Hallock, Timothy Davis and Peggy Griffin, principals for Allan Schneider Associates, will remain with the newly combined organization as senior managing directors, and will continue to manage the Southampton, Bridgehampton and Easthampton offices, respectively. Marty Gleason will serve as vice president of operations for the Hamptons region, and Rick Hoffman will continue to lead The Corcoran Group’s Hamptons operations as regional vice president.
“Allan Schneider Associates is one of the most well-known and highly regarded firms in the real estate industry, and we’re deeply honored to welcome their talented team to The Corcoran Group,” said Pamela Liebman, NRT regional senior vice president and president and CEO for The Corcoran Group. “The union of our two companies represents a historic moment as we combine the operations and resources of the two largest teams in Hamptons real estate to better serve our clients in our communities.”
For over 30 years, Allan Schneider Associates has been a major force in East End real estate, specializing as a luxury residential real estate brokerage in the Hamptons, on Shelter Island and the North Fork. The company was established in 1974 as a single-office firm based in Bridgehampton and grew to 12 offices becoming the largest independently owned and operated brokerage on Long Island’s East End. The company has 50 employees and 243 sales associates who produced $1.4 billion in closed sales volume during the past 12 months. Prior to this announcement, The Corcoran Group had 232 sales associates
in the East End who accounted for $1.2 billion in closed sales volume during the last 12 months. Together, the two companies produced a combined $13.2 billion in overall closed sales volume in the same period.
“The opportunities our sales associates will gain from this union are tremendous — a major market presence in the New York City and Hamptons markets combined with what we consider to be the most robust, forward-thinking and agent-focused technology available to a real estate company,” said Peter Hallock. “My partners and I are confident that Corcoran’s reach from the East End into New York City and down to South Florida will create a host of new opportunities for our company and our clients.”
The Corcoran Group (www.corcoran.com) is a leading residential real estate brokerage company in New York City and operates 59 offices with 2,500 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach and Palm Beach, Fla.
NRT Incorporated (www.nrtinc.com) is the nation’s largest residential real estate brokerage company, with more than 1,000 offices, 64,000 sales associates and 9,000 employees operating in 35 major metropolitan areas. Mortgage, relocation, title, insurance, escrow, warranty and concierge services are offered through NRT’s affiliates, marketing partners or joint ventures. NRT’s commercial operations rank as the 12th-largest corporate-owned commercial real estate brokerage in the United States. In 2005, the NRT family of companies achieved an industry record with $230 billion in closed sales volume. NRT is a subsidiary of Realogy Corporation (NYSE: H).