International newcomer Engel & Völkers is expanding its footprint in the Manhattan residential market with the merger of boutique brokerage Mercedes/Berk.
Behind the story:
The German-based brokerage, which broke into the New York City market last year with a new office at 430 Park Avenue, will grow to 55 agents through the merger with the company Noel Berk and Elizabeth Mercedes Berk founded in 1990.
“We engage with partners who are like-minded and fit with our competencies and culture,” Engel & Völkers NYC president Stuart Siegel said in a statement. “We couldn’t ask for a better fit than Noel, Liz and their team, who are extraordinarily client-focused and a delight to work with.”
Noel Berk said the merged firms will continue to operate more-or-less independently, maintaining separate offices in Manhattan and referring clients internationally.
“We have nine agents. We all work together as a team. We’ve been together for a long time,” she said. “We’ve always kept our company lean and mean so we can react quickly… that’s the way we’re keeping it.”
The Mercedes/Berk team has five active listings on StreetEasy – three of which are in contract – including a $9.5 million apartment at 15 Central Park West. The Mercedes/Berk team mostly does off-market deals with luxury clients, Berk said.
Engel & Völkers ranked fourth among Manhattan’s boutique residential brokerages earlier this year with $87.7 million worth of listings, according to an analysis by The Real Deal.