Corcoran consolidates in East Hampton
April 27, 2009 04:20PM By Sara Polsky
Janifer Jaeger is senior managing director for the Corcoran offices at 20 Main Street (center), which is closing, and 51 Main Street in East HamptonOne month after closing two East End offices, Corcoran is now consolidating its two Main Street offices in East Hampton, according to a Corcoran spokesperson.
All of Corcoran's Main Street agents are working in the 20 Main Street office while the 51 Main Street office is renovated. They will move to 51 Main Street by Memorial Day if construction remains on track, the spokesperson said.
Corcoran's Web site lists 64 agents in East Hampton.
Corcoran closed its 57 Hampton Road office in Southampton and its office at 28735 Main Road in Cutchogue on the North Fork in late March. In February, the company closed its 96 Main Street office in Sag Harbor, moving the agents to the nearby office at Main and Madison streets.
The news comes on the heels of reports that East End foreclosures are up and homes are selling for steep discounts at auction.
Corcoran still has 11 offices in the East End, according to the company's Web site.
Corcoran has used office closings to save costs amid the downturn. In Manhattan, the company closed its Harlem office and downsized its 660 Madison Avenue corporate headquarters.
The redundance of Main Street offices in East Hampton was due to acquisitions of local companies' offices over the past several years, the spokesperson said. Corcoran bought up Allan M. Schneider & Associates and other local firms.
Prudential Douglas Elliman and Brown Harris Stevens have multiple offices in the Hamptons.
Rick Hoffman, Corcoran's regional senior vice president for the East End, and Janifer Jaeger, senior managing director for East Hampton, were not immediately available for comment.
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Comments
Anonymous
Honestly, they didn't need all of those offices in the Hamptons.
Comment #1 Posted By: Anonymous 04/27/09
Anonymous
They better keep a few sales people around. The entire south fork will be for sale by 2010!
Comment #2 Posted By: Anonymous 04/27/09
Anonymous
Downsizing to nothing would be a good thing.
Comment #3 Posted By: Anonymous 04/27/09
Anonymous
Can't wait for the fire sales in 2010. Save your cash boys.
Comment #4 Posted By: Anonymous 04/27/09
Anonymous
the whole place is a toilet filled with vulgar people!
Comment #5 Posted By: Anonymous 04/28/09
Anonymous
Now..do you think Pamela Liebman did her job correctly??? Comon NRT/Apollo how stupid can you be? She totally srcewed you all! She is a stupid rotten and most of all incompetent person. She completely could not see this coming. Perhaps this is a reflection of your entire company n'est pas?
Comment #6 Posted By: Anonymous 04/28/09
Anonymous
I went out east this weekend. Beautiful weather and all. I drove through each town and could not believe how many Corcoran offices there still are. First of all every sign that went up for sale last year is still dangling!!! How embarrasing. If the new era has ushered in a new form of business management than someone forgot to tell these folks its over. Unfortunately they are clinging for dear life to something that no longer exists. Maybe if they realized their true talent is sales people they should spend more time cutting management and the CEO and her pussies. They are clinging on hahahahaha.
Comment #7 Posted By: Anonymous 04/28/09
Anonymous
juicy. we want more!
Comment #8 Posted By: Anonymous 04/28/09
Anonymous
Hey all, the real estate brokerage business model is dead, whether you're a solo agent or a team of dozens. The expensive office rents we incur don't cut it anymore and only support egos of the owners. The world's gone digital, and 99.9% of our business has gone digital, so why are offices needed at all? Transactions are down 50%, the price levels of the units we sell are down 30%, so the overall commission earned by all of the firms is way down. We'll talk our clients down and down in price, but will we cut our commissions as part of our client's strategy? (ain't no way). $60,000 commission on a million dollar sale is insulting and outrageous. The owners can blab and blab that the $60g's gets sliced and diced in all different directions, and the firms actually land up with very little, but if they did away with $5 million a month in office rents (from Montauk to Manhattan), that slicing and dicing wouldn't matter. Seriously, the business model is d-e-a-d.
Comment #9 Posted By: Anonymous 05/01/09
Anonymous
You mean Corcoran lists almost every home for 6%??? Even on mutli million dollar properties?
Comment #10 Posted By: Anonymous 11/01/09