From left: Devlin McNiff East Hampton office, Stuart Epstein, owner of Devlin McNiff, and Diane
Ramirez, president of Halstead Property
Halstead Property is expanding into the Hamptons by joining with the local firm Devlin McNiff, Halstead announced today. The new company will be known as Devlin McNiff Halstead Property. This will be Halstead’s only presence in the Hamptons.
Devlin McNiff Halstead Property will be based at 3 North Main Street in East Hampton, the 2,500-square-foot current home of Devin McNiff and will continue to run under the direction of husband-and-wife team Stuart and Lynn Epstein.
Because of Halstead’s status as a privately held company, Diane Ramirez, president of Halstead Property, said she could not disclose details about the deal. There was a transfer of equity, Stuart Epstein said, but it was not an 100 percent acquisition.
Ramirez said the company had been looking at the expansion to Hamptons for a while and that McNiff was “the perfect fit.” The Hamptons market is doing very well, she added, and the two companies have a similar customer base.
“It just became apparent to us that we needed to take our company to the next level,” Stuart said. “And the way to do that was to get the strength of a brand like Halstead behind us.” In particular, he pointed to the possibility that Devlin McNiff agents could take advantage of Halstead’s marketing and technology resources. “These are the people I would have wanted to hook up with right from the start,” he said. “The awareness of the New York City market and imagery that surrounds [Halstead's] brand will benefit us in our market, because basically that’s who our people are too.”
With the expansion, Epstein said he expected to hire more agents and open more offices. “It’s easy to add bodies, but it’s hard to add quality people,” he said. He said he could see the company hiring another 10 agents. “As far as offices go, the days of real estate companies needing real estate in terms of many, many offices are kind of in the past with the advent of the Internet, but I could see two to three more.”
Founded in 1971, Devlin McNiff came under the ownership of the Epsteins more than 20 years ago. Effective immediately, Stuart will serve as managing director of East Hampton and Lynn will be the director of sales for East Hampton. In June, The Real Deal reported that Devlin McNiff was one of the top 10 firms on the East End with 23 agents.
The merger will bring Halstead’S office count to 21 throughout the tri-state area including its new headquarters at 499 Park Avenue. In 2004, Corcoran took over over Dayton Halstead’s office in Sag Harbor. – Miranda Neubauer