Compass acquires Mrs. Condie Lamb Agency in East Hampton

Boutique firm focuses on high-end rental market

New York /
Mar.March 28, 2016 01:38 PM

Compass has acquired Mrs. Condie Lamb Agency, a boutique brokerage in East Hampton that handles a large volume of high-end summer rentals.

Kim Hovey, Condie Lamb’s president and owner, is joining Compass’ Hamptons team effective immediately. The brokerages did not disclose financial terms of the deal.

Condie Lamb, which has rental listings such as a seven-bedroom East Hampton estate asking $325,000 for June and July, was founded by Elizabeth Lamb in 1963. Hovey took over the business in 1994.

For Compass, which says it has raised $135 million from investors, this latest acquisition adds to its growing Hamptons operation, which now includes locations in East Hampton, Bridgehampton, Southampton and Sag Harbor, which opened in January after Compass absorbed Strough Real Estate.

The brokerage recently sold hedge funder Scott Bommer’s three Lily Pond Lane properties for $110 million.

But similar to pushback it experienced in Manhattan and Brooklyn, Compass has tangled in court with rivals in the Hamptons. It is in the midst of a dispute over proprietary listings with Saunders & Associates, and one of its senior managers in the Hamptons, Ed Reale, is being sued by Brown Harris Stevens, his former firm, which is alleging that he violated a non-compete agreement.


Related Articles

arrow_forward_ios
The $18 million mansion (Sotheby's International Realty)
Original Devon Colony mansion lists for the first time, asking $18M
Original Devon Colony mansion lists for the first time, asking $18M
George Filopoulos, Lloyd Goldman and Gurney’s Montauk hotel  (Gurney's, Getty)
Metrovest, Lloyd Goldman secure $218M refi on Montauk resort
Metrovest, Lloyd Goldman secure $218M refi on Montauk resort
(Bespoke Real Estate)
Hamptons mansion featured on “Succession” trades for $45M
Hamptons mansion featured on “Succession” trades for $45M
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Battle royale over East Hampton Airport rages on
Battle royale over East Hampton Airport rages on
Battle royale over East Hampton Airport rages on
Compass shares drop below $10, another all-time low
Compass shares drop below $10, another all-time low
Compass shares drop below $10, another all-time low
Southampton moves to curb emissions after declaring climate emergency
Southampton moves to curb emissions after declaring climate emergency
Southampton moves to curb emissions after declaring climate emergency
12 Koala Ln, East Hampton, NY and Peloton CEO John Foley (Zillow, LinkedIn)
Peloton CEO John Foley lists East Hampton home for $4.5M
Peloton CEO John Foley lists East Hampton home for $4.5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...