The Real Deal New York

German brokerage expands in New York

March 31, 2009
By Jovana Rizzo

The Hamburg, Germany-based brokerage Engel & Völkers is expanding its U.S. operations by opening a location in Scarsdale and is eyeing Manhattan for another office.

The 30-year-old firm’s flagship location in the U.S. opened on Main Street in Southampton in 2006, and the brokerage is now in the process of opening another office at 300 Heathcote Road in Scarsdale. Internationally, the firm has residential and commercial divisions, but so far in the U.S., the offices are just handling residential sales.

Jonathan Lerner, managing director of the Southampton and Scarsdale offices, said by 2011, the brokerage hopes to have five offices in Westchester and two more in the Hamptons. And Rauert Peters, president and CEO of Engel & Völkers North East, said the company is looking to open its first office in Manhattan. Since 2006, the firm has also opened offices in California, Florida, Connecticut, Massachusetts, Vermont and Rhode Island.

“Expanding in a down market is tricky, but we’ve done it before,” Peters said, adding that the company opened in South Africa during a similar economic climate. Peters said one aspect that sets the brokerage apart is its ability to refer buyers from abroad to E & V offices here.

Lerner, who used to be a broker at Houlihan Lawrence, said the new Scarsdale office should be open by the summer. “Scarsdale is the premiere area in Westchester County, especially for people relocating from overseas,” he said.

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