Warburg Marketing Group has replaced the now-defunct Coldwell Banker Hunt Kennedy as the exclusive marketing and sales agent at Twenty9th Park Madison, Warburg said. Richard Steinberg, an executive managing director at Warburg, is
overseeing sales at the 142-unit condominium, according to Andres Hogg,
U.S. general manager of Espais Promocions Immobiliáries, the building’s
developer. The on-site brokers, formerly CBHK agents, will now be employed by Warburg and Steinberg will lead the team. “We made a decision to keep the sales staff we had in-house, but to
bring in a person like Richard to manage the people who are doing our
sales,” Hogg said. [more]

From the June issue: Just when things appeared to be looking up for the New York City real
estate market, the industry was hit with shocking news: Coldwell Banker
Hunt Kennedy would close its doors. The fate of CBHK remains unclear [note: since the article ran, The Real Deal learned that the company is closing up shop]. But one thing is certain: Now that traffic seems to be
reviving somewhat in the normally busy early summer market, brokers are
scrambling to make up for this winter’s very slow months by doing as
many deals as possible. And as the demise of CBHK shows, many may find
that isn’t enough to put them on par with what they’ve earned in the
past.

Joanne Kennedy and David Michonski said goodbye to agents at the 555 Madison Avenue HQ.

The owners of soon-to-be shuttered brokerage Coldwell Banker Hunt Kennedy bid a
tear-soaked farewell to agents and well-wishers yesterday during a
goodbye party at the company’s headquarters on the 12th floor of 555
Madison Avenue. Eyes brimming with tears, company co-founder and COO JoAnne Kennedy said she was proud of her agents and the two-decade-old company. “We’ve made a very positive difference in New York City real estate,” said Kennedy, who will start work at the Corcoran Group next week. She and co-founder David Michonski, the company’s CEO, spoke of how they sought to uphold high ethical standards and put their customers
first. [more]

The Real Deal looks at the demise of CBHK and where its agents will go after the firm shutters its doors.

[more]

Coldwell Banker Hunt Kennedy’s agents will move to the Corcoran Group and other brokerages.

While Coldwell Banker Hunt Kennedy brokers expressed concerns about what will happen to their listings and commissions with the company closing, sources confirmed that JoAnne Kennedy and the majority of Coldwell Banker Hunt Kennedy agents will move to the Corcoran Group, though Corcoran has said it has no formal agreement with the soon-to-be-defunct brokerage. “Nearly all” of the current Coldwell Banker Hunt Kennedy agents are moving to Corcoran, said Philip Kiracofe, chief technologist at Coldwell Banker Previews International, CBHK’s luxury home marketing arm, who is “overseeing the transition.” Corcoran and CBHK share ties to New Jersey-based Realogy Corporation. A source, who asked for anonymity, said all brokers have been told the four CBHK offices will be closed by June 5. [more]

As industry leaders lamented the dissolution of Coldwell Banker Hunt Kennedy, a story The Real Deal broke Wednesday, the Corcoran Group’s CEO Pamela Liebman dismissed rumors that the mid-sized brokerage will be absorbed into Corcoran. “There is no formal incorporation of Coldwell Banker agents into Corcoran,” Liebman said. “This is not a purchase by [Corcoran parent company] NRT.” She said that in the coming weeks, some former CBHK agents may be encouraged to come to Corcoran because the two companies share ties to New Jersey-based Realogy Corporation. Industry sources have said that JoAnne Kennedy, the COO of CBHK, will
be relocated within Realogy, and in a memo released Wednesday, Kennedy
told CBHK brokers that if they “follow her,” they will be able to keep
their listings and data. When asked whether Kennedy would be hired by Corcoran and bring CBHK agents with her, Liebman said she had no comment. [more]

Longstanding New York City brokerage Coldwell Banker Hunt Kennedy is closing its doors, according to multiple sources familiar with the company. The 21-year-old, 214-agent company — Manhattan’s sixth largest, according to a recent survey by The Real Deal — will cease operations within 60 days, the sources said. What’s left of the company is believed to be on the auction block and priced at around $5 million. But because Coldwell Banker Hunt Kennedy — including its luxury marketing division Coldwell Banker Previews International — allegedly owes some $12 million, the price would presumably go towards its debt. It’s not the first Manhattan company to close its doors in a rocky market. Last month, boutique residential real estate brokerage JC DeNiro & Associates announced it would close its doors. But Coldwell Banker Hunt Kennedy is by far the largest Manhattan company to close thus far, with offices at 555 Madison Avenue, 329 Columbus Avenue, 64 West 21st Street, and 155 Seventh Avenue in Park Slope. [more]