The Real Deal New York

Elliman’s Michael Graves leaps to Compass

New dev specialist has $327M in listings
By E.B. Solomont | January 23, 2019 07:00AM

Michael Graves

Douglas Elliman’s Michael Graves — a new development and luxury broker with more than $326 million in listings — is moving to Compass.

Graves, who joined Elliman in 2013 and once appeared on HGTV’s “Selling New York,” has sold more than $1 billion worth of real estate to date, according to the venture-backed firm.

Graves, who resigned from Elliman on Tuesday, said his decision was rooted in the rapid changes taking place in the real estate industry — including disruption by new technology and an infusion of cash from investors.

“Compass is the most forward-thinking, tech-savvy company in the industry right now,” he said, adding that he was extremely grateful for his time at Elliman.

Graves is a Minnesota native and classical guitarist who became a broker in 2009. Before Elliman, he was a top agent at CORE. In addition to his brokerage chops, Graves appeared on HGTV’s “Selling New York.” Before brokerage, he worked for his family’s hotel company, Graves Hospitality Corp., in Minneapolis.

According to Compass, Graves currently represents $326.5 million worth of listings, including $129.5 million in-contract deals.

His active listings include a condo at One Madison that’s asking $13.75 million and a townhouse at 68 East 91st Street, asking $11.825 million. Graves is also on the team that’s marketing the Chetrit Group and Clipper Equity’s Gramercy Square condominium makeover of the old Cabrini Medical Center on East 20th Street. The 223-unit project has a total projected sellout of $817.5 million.

It’s unclear how many of those listings Graves will be able to bring to Compass.

The seven-year old firm, headed by Robert Reffkin and Ori Allon, has ramped up hiring again in New York after closing a $400 million round from SoftBank and Qatar Investment Authority in September. That round valued the firm at a staggering $4.4 billion.

Compass now claims to be the third-largest residential brokerage in the U.S., with 238 offices (up from 62 in 2017). In New York City, the firm now has 12 offices and 1,440 agents.