Bellmarc Companies, the parent company of Bellmarc Realty, one of Manhattan’s largest residential brokerages, has absorbed residential and commercial real estate brokerage A.C. Lawrence Real Estate, The Real Deal has learned. The consolidated company, which will be known as the Bellmarc Group, will have about 400 agents, a spokesperson for the new firm said.
Bellmarc owner Neil Binder said he had been looking for opportunities to sell some of his former partner Marc Broxmeyer’s interest in the firm since Broxmeyer’s retirement a few years ago. “I tried to sell his interests but was not satisfied with the options, so I decided to find a company that would complement us,” and then acquire it, with some interest in Bellmarc given “as consideration,” Binder said.
A.C. Lawrence will suit Bellmarc, as it specializes in rentals, a helpful supplement to Binder’s firm, which does mostly sales, Binder said. While the companies will have “two separate cultures,” they will share training programs, Binder says.
Bellmarc has about 250 agents, representatives said, while A.C. Lawrence has some 150.
Last year, sources said that the New England–based William Raveis Real Estate was preparing to acquire Bellmarc, but Binder told TRD at the time that in fact he had been negotiating for the brokerage to purchase Broxmeyer’s shares in Bellmarc.
Binder continued to shop a 33 percent stake in the firm, as the firm shuttered its Madison Avenue location in favor of a new storefront on Lexington Avenue last May. Before the merger, Bellmarc had five Manhattan offices; A.C. Lawrence had one. Staff will now use the Bellmarc spaces, the representative said.
The deal provides minority interest in Bellmarc to A.C. Lawrence co-founders Anthony DeGrotta and Larry Friedman, but allows Binder to retain majority interest. All three partners have equal managerial standing. The deal closed on October 5, according to Binder.