NRT Inc., a subsidiary of Realogy Corp., a company formed as a spin-off of Cendant Corp.’s real estate services segment, has acquired the assets of Allan M. Schneider Associates Inc., a luxury residential real estate brokerage company with 12 offices in the Hamptons, Shelter Island and North Fork areas in New York.
Based in Bridgehampton, N.Y., Allan M. Schneider will operate as The Corcoran Group, one of NRT’s real estate brands.
NRT operates Realogy’s company-owned real estate brokerage offices, and Realogy also has major franchise operations. Company-owned and franchise brands include Coldwell Banker, Century 21, ERA and Sotheby’s Realty International, among others.
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, NRT announced this week.
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.”
Allan Schneider Associates was established in 1974 as a single-office firm based in Bridgehampton and emerged as 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 the acquisition, 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 Corcoran Group and Allan M. Schneider have 475 sales professionals and the two companies produced a combined $13.2 billion in overall closed sales volume in the past 12 months.
“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 in a statement. “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 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 Inc. has about 1,000 offices, 64,000 sales associates and 9,000 employees operating in 35 major metropolitan areas. The company, through affiliates, marketing partners and joint ventures, offers mortgage, relocation, title, insurance, escrow, warranty and concierge services. In 2005, the NRT family of companies set an industry record with $230 billion in closed sales volume. Realogy’s stock is traded on the New York Stock Exchange under the symbol “H.”
