Town forms strategic alliance with London brokerage Chestertons

UK firm has offices in Dubai, Abu Dhabi and Qatar

TRD New York /
May.May 05, 2017 12:15 PM

London’s calling. Town Residential TRData LogoTINY has struck up an international partnership with Chestertons, a London-based real estate brokerage with connections to the Middle East market, the firms said.

The deal, the latest in a series of commission-sharing international “strategic alliances” rolled out by the big Manhattan brokerages, is designed to give Town’s listings exposure in the European and Middle East markets. In return, it will market Chestertons’ properties to an American audience.

Chestertons is one of the U.K.’s oldest firms, dating back to 1805, and is majority owned by Mercantile Group, an investment firm led by Libya-born investor Salah Mussa. The company has 32 fully-owned offices in the U.K. and three in the Middle East — in Dubai, Abu Dhabi and Qatar — but has an international presence of 70 offices, through franchises and joint venture agreements, it said.

Neville Page, Chestertons’ director of international, said the firm had been trying to make a push into the U.S. for several years.

“Recent analysis of our website reinforced this by revealing that 29 percent of international visitors came from the U.S.,” he said.

Town CEO Andrew Heiberger noted that the deal is the second such partnership for his company, which already has an alliance with Miami-based Fortune International Group dating back to 2015.

Other New York firms have been following similar strategies. For its part, Douglas Elliman has a relationship with Knight Frank Residential, a global brokerage headquartered in London. The Corcoran Group also has a relationship with Monaco-based John Taylor. It remains to be seen whether those alliances have actually resulted in an increase in sales, The Real Deal reported last year.


Related Articles

arrow_forward_ios
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
111 Leroy Street and 817 Fifth Avenue (StreetEasy, Google Maps)

Luxury deals plummet in Manhattan — again

Luxury deals plummet in Manhattan — again
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
arrow_forward_ios

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

Loading...