On Tuesday, The
Corcoran Group announced a merger with Citi Habitats, and the latter brokerage will
now become part of the Corcoran brand. Though Corcoran had already acquired Citi
Habitats in 2004, prior to the announcement, Citi Habitats had existed independently.
The unified company
will now operate as one, Pamela Liebman, president and CEO of The Corcoran
Group, said.
According to the
announcement, the move is part of Corcoran’s growth plan, which, last year, involved
an expansion in South Florida, with office openings in West Palm Beach, Miami
Beach, and Bal Harbour, and the announcement of Corcoran’s entry into the
franchise business. Through the franchise operation, the company hopes to
become global.
“The combined strength
of these two great brands will drive our growth strategy for 2020 and beyond,”
said Liebman. “It’s a move that dramatically augments our customer base in New
York, further bolstering our position as a leader in sales, rentals, and
new developments. With a bigger footprint in New York City, Corcoran now offers
clients the deepest market expertise and the broadest range of housing options
in the five boroughs — from walk-up to white glove. Renters, buyers,
sellers, and investors at all levels will find a home at Corcoran.”
Citi Habitats, best
known for rentals, has also branched out into resale and new development
spaces. Gary Malin led the company since the acquisition, overseeing 700 agents
and employees serving Manhattan, Brooklyn, and Queens. Malin recently stepped
into the role of chief operating officer at Corcoran and will oversee the
day-to-day functions of the newly merged company.
“In addition to
enormous strategic advantages for the Corcoran brand, the merger opens a clear
path to success for agents,” said Malin. “With enormous networking and referral
opportunities, a robust lead-generation program, best-in-class marketing and
agent education initiatives, innovative tech support, and a managerial team
that’s unmatched in the industry, we’ve built an incredible platform from which
all agents — from new licensees to industry veterans — can grow and
develop their businesses.” Malin added: “If an agent wants to win in New York
City real estate, Corcoran is the place to do it.”
The Corcoran Group
currently operates 28 offices with 2,800 sales associates serving Manhattan,
Brooklyn, and Queens; the Hamptons, the North Fork of Long Island and several
other communities. The Corcoran Group is part of NRT LLC, the nation’s largest
residential real estate brokerage company and a subsidiary of Realogy Holdings
Corp.
