@properties sells Christie’s NYC brokerage to Brown Harris Stevens

Christie’s also cuts ties to Long & Foster and Harry Norman in shift to indie firms

New York /
Jan.January 24, 2022 10:00 AM

From left: Mike Golden and Thad Wong, owners of @properties, and Bess Freedman, chief executive officer of Brown Harris Stevens (@properties, Brown Harris Stevens, iStock)

Chicago-based @properties sold Christie’s International Real Estate’s New York City brokerage to Brown Harris Stevens and is severing ties with Berkshire Hathaway HomeServices’ Long & Foster and Harry Norman.

The changes come about a month after @properties purchased the Christie’s International Real Estate brand and network from Christie’s. Its latest moves align with the international brand’s goal to support independent firms while growing its global affiliate network and moving away from its corporately owned structure.

When choosing where he wanted to place the New York City agents, Christie’s International co-CEO Thad Wong said he wanted to prioritize an independent brokerage instead of an existing franchise. BHS, which was an affiliate of Christie’s International Real Estate in years past and is the largest privately owned residential brokerage in the city, seemed like the right fit.

“I’ve always had an admiration for Brown Harris Stevens, and their brand is iconic in the city of New York,” Wong said.

“We are the last woman standing for privately held. There’s nobody left, and so we are kind of special in many ways,” BHS CEO Bess Freedman said. “For us, this is just a great opportunity to work with people who are similarly aligned and want to sell real estate at the highest level.”

Wong declined to comment on the financial terms of the deal, citing an agreement between the two parties. Although @properties sold the brokerage to BHS, it still remains affiliated with the 20-agent team.

“We wanted to make sure we had agents that we had relationships with for the referrals that come in and out of Manhattan,” Wong said.

BHS is now moving the agents into some of its offices around the city. The agents will be dual-licensed while they complete transactions for listings acquired under the Christie’s brand name, though new listings moving forward will be under BHS.

Christie’s International’s goal is to figure out a way to put together an affiliation with BHS, Wong said. There’s no guarantee it will work out, but Wong said he’s hopeful it could come together by summer.

Whether that’s something BHS is interested in is too soon to say, according to its CEO.

“I’m not saying it wouldn’t happen, but I just don’t know yet,” Freedman said. “We’re just trying to piece this together right now.”

The deal with BHS is just one of the ways Christie’s International is shifting from corporate-owned brokerages to independent ones. The brokerage chose not to renew its agreement with Long & Foster’s and terminated its agreement with Harry Norman.

Wong cited Berkshire Hathaway’s ownership as the main reason why Christie’s International is cutting ties with the firms. Its relationship with them was established before they were sold to Berkshire Hathaway, Wong said.

Firms owned by Berkshire Hathaway, Realogy or others operating their own franchise are ones that would compete with Christie’s International’s existing members, Wong added, which isn’t something the brokerage is interested in.

“Our goal is that Christie’s International Real Estate will partner with the largest luxury independent in the market and strengthen the value proposition of independents through our technology and our marketing and culture,” Wong said.

Christie’s International Real Estate has identified Ansley Real Estate as its new Atlanta affiliate.





    Related Articles

    arrow_forward_ios
    Rachel Glazer (Credit: BHS)
    BHS’ top Downtown agent jumps to Compass
    BHS’ top Downtown agent jumps to Compass
    BHS’ chief of tech, communications out amid internal shakeup
    BHS’ chief of tech, communications out amid internal shakeup
    BHS’ chief of tech, communications out amid internal shakeup
    Bess Freedman and Robert Reffkin (Credit: Studio Scrivo)
    “Unequivocally not selling:” BHS accuses rival of stoking sale rumors
    “Unequivocally not selling:” BHS accuses rival of stoking sale rumors
    L-R: Douglas Elliman CEO Scott Durkin, Serhant CEO Ryan Serhant, Brown Harris Stevens CEO Bess Freedman, The Real Deal's Hiten Samtani (Photos by Paul Dilakian)
    Top resi execs talk brand building, tech and politics at TRD NYC event
    Top resi execs talk brand building, tech and politics at TRD NYC event
    Clockwise from top left: Eric and Bridget Elkin, Diane Mollica, Liz and Lisa Gillooly and Sarah Frigo (Compass)
    Compass aims to grow its North Fork agent count fivefold
    Compass aims to grow its North Fork agent count fivefold
    Nest Seekers' Mariano Bulfamante with Skyline Tower (LinkedIn, StreetEasy, iStock)
    Nest Seekers tapped to market Skyline Tower penthouses
    Nest Seekers tapped to market Skyline Tower penthouses
    Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Vanke US, Getty, M18 Public Relations)
    With Aby Rosen out, Chinese developer slashes Midtown condo prices
    With Aby Rosen out, Chinese developer slashes Midtown condo prices
    Robert Reffkin, founder and CEO, Compass (Getty Images, iStock)
    Compass reports $188M first-quarter loss, CFO’s resignation
    Compass reports $188M first-quarter loss, CFO’s resignation
    arrow_forward_ios

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

    Loading...