Town Residential is joining forces with The Fite Group Luxury Homes to tap into luxury residential buyers in Palm Beach and vice versa in New York.
The alliance comes about two years after Town partnered with Miami-based Fortune International Group.
Together, New York-based Town and the Fite Group have 13 offices and more than 620 agents, according to a press release. The Fite Group, led by founder and principal David Fite, has three offices and 100 brokers in Palm Beach, Delray Beach and Palm Beach Gardens, according to its website.
The brokerage has handled more than $3 billion in sales since 2008, and Town, led by Andrew Heiberger, has brokered more than $11.4 billion since it was founded in 2010, according to the release.
Town isn’t the first New York-based brokerage to expand into Palm Beach County. Douglas Elliman purchased Tauriello & Co. Real Estate, a Delray Beach brokerage, late last year. Brown Harris Stevens, also based in New York, acquired the Manatee Cove Realty luxury brokerage in Lake Worth.
Acquisitions, mergers and alliances are especially common during market slowdowns.
In November, Stribling & Associates of New York formed a strategic alliance with Cervera Real Estate in Miami.
And in what is likely the biggest deal of this cycle, The Keyes Company and Palm Beach Gardens-based Illustrated Properties merged last year to create the largest independently owned firm in Florida. Together, they generate more than $6 billion in annual revenue.
Fite and Heiberger were not immediately available for comment.