Compass acquires Mrs. Condie Lamb Agency in East Hampton

Boutique firm focuses on high-end rental market

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

Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash

Compass CEO Robert Reffkin (Credit: iStock)

Compass to agents: It’s (virtual) show time!

426 9th Street and 81 Pierrepont Street in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury resi market sees deals plummet

The superrich are fleeing NYC in droves, pushing South Fork rental prices way up. (Credit: Sue via Flickr)

“I’ve got a blank check. Make it happen:” Hamptons brokers on the great coronavirus migration

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy cuts salaries and work week to avoid layoffs

Robert Reffkin

Compass lays off roughly 375 staffers

38 Hicks Street and 58 Butler Street in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury resi market sees big dropoff in activity

Robert Reffkin, CEO of real estate brokerage Compass. (Illustration by Daniel Castro Maia)

Compass faces a reckoning