CBHK bids its agents farewell
June 04, 2009 11:10AM By Candace Taylor
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.
"We feel immense gratitude and sorrow," a red-eyed Michonski told the assembled crowd of past and present CBHK employees.
Earlier in the day, Michonski told The Real Deal by telephone that the brokerage's four offices are now essentially closed, though it will take until Friday for everything to be fully shut down. The company's Web site is no longer operating, and agents were given the opportunity to buy their computers and the company's office furniture.
"We have closed our business operations," Michonski said, noting that the 214-agent firm has not declared bankruptcy.
He confirmed that the majority of the firm's agents would follow Kennedy to Corcoran, or move to Sotheby's International Realty, as The Real Deal reported last week. Other agents will move to Prudential Douglas Elliman and Halstead Property.
"We have encouraged our agents to go to Corcoran and Sotheby's, and 90 percent have chosen to do so," Michonski said. "We're working closely with all our agents to ensure an orderly transition."
Michonski emphasized that all brokers will receive their commission checks for both past and future closings.
"In 13 years, no one has ever failed to get paid here," he said.
He said the company is working with agents to make the transition seamless for customers.
"There will be no effect on any consumer," he said.
Corcoran and Sotheby's, as well as international real estate company Coldwell Banker, are owned by NRT, which is a subsidiary of New Jersey-based Realogy Corporation. But Coldwell Banker Hunt Kennedy is an independently owned franchise, operated by Realogy but not connected to NRT.
More than the company affiliation, Michonski said he encouraged his agents to go to Corcoran and Sotheby's because he felt that's where they'd "be most comfortable," since they'd still be able to receive referrals from other Coldwell Banker offices.
As for himself, Michonski said he will spend the next few months overseeing the CBHK closure and then begin "seeking new opportunities."
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Comments
Anonymous
So sorry to see you go! You had a nice boutique business and your agents were some of the nicest brokers I had ever met. Best success in whatever you do. Don't think of it as the end - but a new beginning.
Comment #1 Posted By: Anonymous 06/04/09
Anonymous
Michonski...I hear West Africa is hot why not try it? Meat head.
Comment #2 Posted By: Anonymous 06/04/09
Anonymous
hahahahha
Comment #3 Posted By: Anonymous 06/04/09
Anonymous
Be leary of the conglomerats...and agents they take a higher COB. Good luck to all.
Comment #4 Posted By: Anonymous 06/05/09
Anonymous
Leary= leery Conglomerats= conglomarates
Comment #5 Posted By: Anonymous 06/05/09
Anonymous
HA! "Michonski said he encouraged his agents to go to Corcoran and Sotheby's because he felt that's where they'd "be most comfortable," What he really means is he and trhey will get overrides and bonuses based on the incomes of those agents during the first couplke of years...Owners of firms who see or merge almost always negotiate this. And agents who recruit other agents get bonuses based on the income of those agents...everyone knows this. Pretending to be so charitable and caring..HA! We know whats in it for you.
Comment #6 Posted By: Anonymous 06/05/09
Anonymous
manhattan mortgage pay Corcoran 1 million\quarter to guarantee these stupid brokers used that firm It's a felony Mr. Sperintendnant of Banks!
Comment #7 Posted By: Anonymous 06/06/09
Anonymous
And remember all CBHK brokers who go to Corcoran must pay very hefty marketing fees. 3% on top of all commissions are taken out from the agents side to pay for marketing??
Comment #8 Posted By: Anonymous 06/08/09
Anonymous
so what happens to all the shares of stock that we are holding.....wall paper?
Comment #9 Posted By: Anonymous 06/08/09
Anonymous
so what happens to all the shares of stock that we are holding.....wall paper?
Comment #10 Posted By: Anonymous 06/08/09
Anonymous
You lie , you cheat, you steal, and you got what you deserve. JAK is not this quite person she has been made out to be and is just as guilty as David. I hope Tim Caris is having a good laugh,,,,,(ohh ask David and Joane who he is) CBHK has done a lot of people wrong and they know it !!!!
Comment #11 Posted By: Anonymous 06/10/09
Anonymous
hahahaha
Comment #12 Posted By: Anonymous 06/10/09
Anonymous
that's all folks!
Comment #13 Posted By: Anonymous 06/10/09
Anonymous
ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha haaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
Comment #14 Posted By: Anonymous 06/14/09
Michonski emphasized that all brokers will receive their commission checks for both past and future closings. "In 13 years, no one has ever failed to get paid here," he said. This is not true. Many people are not getting paid, the brokers, vendors and even salaried staff.
Comment #15 Posted By: 06/24/09
Anonymous
David, why dont you get back into teaching? It lacks prestige, but it is a noble profession. And its ethical stature is way higher than your recent profession. God bless you and your family.
Comment #16 Posted By: Anonymous 07/09/09