Century 21 agency merges with RE/MAX
Four Century 21 Calabrese offices and two RE/MAX offices have merged to create a 150-agent firm, RE/MAX Metro, in Brooklyn and Staten Island. RE/MAX Metro will be comprised of about 100 agents from Century 21 Calabrese and about 50 agents from RE/MAX Professionals and RE/MAX First Choice Realty. RE/MAX Metro’s management team will include Sal and Michael Calabrese as well as veteran RE/MAX broker-owners Joe Madaio of RE/MAX First Choice and Frank Pennacchi of RE/MAX Professionals. The firms said they hope the consolidation will allow them to increase their share of the Brooklyn and Staten Island markets.
Ex-Massey Knakal partners rejoin
A former Massey Knakal executive, Brian Leary, and a retired Bear Stearns senior managing director, James Lang, have announced their partnership with former Massey Knakal COO and partner Timothy King in his recently launched commercial brokerage CPEX Real Estate. King — who sued Massey Knakal in June and is slated to be in court with the firm this month — and Leary will oversee the firm’s business services divisions. Lang will oversee the firm’s operations, sales support, administration and business development. The company’s headquarters will be at 32 Court Street in Brooklyn.
Toronto firm acquires stake in GVA Williams
A Toronto-based real estate services company bought a 65 percent interest in brokerage firm GVA Williams. The company, FirstService Corp., a majority owner of Colliers International, will rebrand the new arm Williams Real Estate and make it the center of its New York operation. The deal was expected to close by the end of September.
GFI, Carlyle to purchase distressed properties
GFI Capital Resources Group, a New York-based diversified real estate firm, has entered into a joint venture agreement with the Carlyle Group to purchase $1.2 billion worth of distressed residential apartment buildings in several states. The partnership will leverage $300 million in cash to acquire about 30,000 apartments in New York and elsewhere, Crain’s reported. GFI, which currently owns 20,000 apartments in five states, plans to take advantage of the down market to purchase buildings at discounted rates.
Compiled by Linden Lim