Citi Habitats buys Aptsandlofts.com
Mega brokerage gains big presence in Brooklyn with deal
Citi Habitats, one of the largest residential brokerages in the city, has acquired Brooklyn-based firm Aptsandlofts.com.
The deal, announced Wednesday, will give the rental giant a long-sought foothold in Brooklyn, where Aptsandlofts.com has developed a deep roster of clients — and acted as a cheerleader for the borough — since 2002. Aptsandlofts.com founder David Maundrell will assume the new role of executive vice president and will lead new development deals in Brooklyn and Queens.
Behind the story:
Terms of the deal were not disclosed, but aptsandlofts.com, which has three offices and employs 110 agents and staff, will now operate under the Citi Habitats name.
The deal was two years in the making, said Citi Habitats President Gary Malin, who previously voiced plans to expand into the Brooklyn market. He said his firm already handles roughly 1,000 transactions — both sales and rentals — in Brooklyn each year. “It was always a very important component of our business and something we knew we needed to do,” said Malin, who said Maundrell “knows the market inside and out.”
“To get that local knowledge and expertise is huge for me,” Malin said. The brokerage head said he hopes to double the size of Maundrell’s old firm within 12 months. “The goal is to grow, for sure.”
Aptsandlofts.com is among the largest new development-marketing firms, according to an analysis by The Real Deal last year, based on the firm’s number of projects.
Earlier this year, Maundrell – who has been an unflagging evangelist for Brooklyn – crossed the river to market three rental buildings in Manhattan for the first time. Aptsandlofts.com currently represents 30 new residential buildings in Brooklyn, Queens and Manhattan.
Welcome @AptsandLofts to the @CitiHabitats family. We’re excited to grow together in #Brooklyn. #PropsToBrooklyn pic.twitter.com/A1fHs0pvBo
— Pam Liebman (@pamelabliebman) October 7, 2015
Citi Habitats, founded in 1994, has more than 750 agents and staffers and clocked in at No. 4 on TRD’s annual ranking of top residential firms. The firm is a subsidiary of Realogy – along with The Corcoran Group and Sotheby’s International Realty – which is owned by real estate holding company NRT LLC.
In this new position, Maundrell will work with developers to successfully market new residential buildings throughout Brooklyn and Queens, which are experiencing a construction boom. He will also work with Jodi Ann Stasse, Citi Habitats’ managing director of new development, who joined the brokerage in 2013 to relaunch its new development division.
“I am excited and proud to join one of the premier real estate brands in New York City,” Maundrell said in a statement. “Our reach now encompasses New York City’s most vibrant real estate markets, and that is a significant advantage.”
The Citi Habitats and Aptsandlofts.com deal comes on the heels of an announcement Oct. 6 that international brokerage Engel & Völkers, which is based on Germany, is expanding its footprint in Manhattan by merging with boutique firm Mercedes/Berk. The combined firm will have 55 agents in New York City.