Jeff-Wolk, left, Ron AnzaloneWhen Fenwick Keats Real Estate merged with Marty Goodstein’s brokerage four years ago and took on an extra last name, it hoped to benefit from access to Goodstein’s other business: a 9,000-unit New York City property management firm known as Goodstein Management.
But last summer, Goodstein Management sold to First Service Management, a nationwide landlord whose New York arm is known as Cityline. With that sale, the critical advantage Fenwick Keats principals Jeff Wolk and Rob Anzalone sought in forging the partnership was lost. So the pair decided to buy Goodstein out.
“We wanted to tap into the opportunity to market Goodstein’s portfolio,” Wolk said. “Once that was no longer available, buying Goodstein out was the best option.”
The buyout was quietly finalized at the end of 2010, but the firm only went public last month by updating its website, literature and storefronts to reflect the shortened name.
Fenwick Keats also recently moved into a new Downtown office at 45 Seventh Avenue and is preparing to move its East Side operations to a new, 4,000-square-foot space at 419 Park Avenue this summer. Wolk declined to disclose the terms of the deal. Goodstein, who Wolk said is retired and living in Florida, couldn’t be reached by press time.