In September, two more of the city’s residential brokerages announced a merger. Fenwick Keats and Goodstein Residential formed Fenwick Keats Goodstein.
Fenwick Keats co-founder Rob Anzalone called the merger a natural fit for the similar companies.
Anzalone and Jeff Wolk founded the firm in 1989, and the two are now principals in Fenwick Keats Goodstein. Robert DeLeonardis, managing director for Goodstein Residential, is the third principal.
Fenwick Keats Goodstein is the latest Manhattan brokerage merger. In August, Century 21 Metro NY was created from a merger of brokerages Dwelling Quest and Century 21 Kevin B. Brown & Associates. Prominent Hamptons residential brokerage Allan M. Schneider & Associates merged with the Corcoran Group in the East End around the same time. Rumors have circulated about brokerage behemoth Re/Max making significant moves in the city.
No financial aspects of the Fenwick Keats Goodstein deal were revealed, but the slowing market has meant firms can be bought cheaper, usually by companies that have saved up loads of cash during the recent real estate boom.
Anzalone said Goodstein and Fenwick Keats shared “the same way of running business.” The merger doubles their market share while letting them remain independent, Anzalone says. The brokerage units have merged, but their management companies will remain independent for now. Collectively, they manage more than 125 buildings valued in excess of $5 billion.
Approximately 200 brokers will be stationed from the company’s Flatiron District headquarters.
“Because of our personalities,” DeLeonardis said, “it really works; it was something we should have done a long time ago.”
Goodstein was a smaller brokerage with one of the top five management companies in the city, overseeing more than 14,000 residential units. Meanwhile, Fenwick Keats has more brokers, but a smaller managing share.
“We are going to start exploiting some of our brokerage potential,” DeLeonardis said. “Some mergers take a long time to realize the returns we saw before we actually closed our deal.”
Fenwick Keats Goodstein quickly debuted a new Web site after the merger that allows users to search by price in the city overall. “The Web site is geared to prices,” Anzalone said. “We believe there are less and less concerns about living in specific neighborhoods.”