The Real Deal New York

Compass acquires Mrs. Condie Lamb Agency in East Hampton

Boutique firm focuses on high-end rental market

March 28, 2016 01:38PM
By E.B. Solomont

RobReffkinKimNovey

From left: Compass’ Robert Reffkin, Kim Hovey and a $325,000-a-season rental

Compass has acquired Mrs. Condie Lamb Agency, a boutique brokerage in East Hampton that handles a large volume of high-end summer rentals.

Kim Hovey, Condie Lamb’s president and owner, is joining Compass’ Hamptons team effective immediately. The brokerages did not disclose financial terms of the deal.

Condie Lamb, which has rental listings such as a seven-bedroom East Hampton estate asking $325,000 for June and July, was founded by Elizabeth Lamb in 1963. Hovey took over the business in 1994.

For Compass, which says it has raised $135 million from investors, this latest acquisition adds to its growing Hamptons operation, which now includes locations in East Hampton, Bridgehampton, Southampton and Sag Harbor, which opened in January after Compass absorbed Strough Real Estate.

The brokerage recently sold hedge funder Scott Bommer’s three Lily Pond Lane properties for $110 million.

But similar to pushback it experienced in Manhattan and Brooklyn, Compass has tangled in court with rivals in the Hamptons. It is in the midst of a dispute over proprietary listings with Saunders & Associates, and one of its senior managers in the Hamptons, Ed Reale, is being sued by Brown Harris Stevens, his former firm, which is alleging that he violated a non-compete agreement.

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