Prudential Douglas Elliman is buying John Edwards Real Estate and merging its operations, according to John Edwards, owner of the Riverdale agency. When finalized, Elliman will have an established presence in the Bronx enclave, where it currently has a few listings, but no office.
“The networking that a company as large as this provides, that’s what the market conditions have come to,” said Edwards, who started his boutique firm about 15 years ago. “Those are the things I’m excited about.”
Edwards said he would take a position with Elliman as manager of operations for Riverdale and that all 10 of his agents would be making the move as well. Edwards said that he expects to remain in his current office, at 3265 Johnson Avenue, for the time being. Elliman would not comment on the deal because the contract hasn’t yet been signed.
John Edwards Real Estate’s website shows just over 100 listings, with a top price of $10.5 million for an 11,870 square foot mansion in the Fieldston section of Riverdale. Edwards said in an e-mail that 50 of those listings are exclusive and that the firm would earn about $4 million in commissions this year.
The small firm’s inventory will greatly expand Elliman’s Riverdale footprint — which has the most expensive neighborhood listing according to Streeteasy, a $13.3 million mansion — and puts it in competition with Halstead Property Riverdale and Sotheby’s International Realty, the other large players in the area.