Coldwell Banker Warburg Expands To Brooklyn

Coldwell Banker Warburg is putting down roots across the East River.

The brokerage is opening its first office in Brooklyn, marking the latest Manhattan-based firm to set up shop in the borough. The outpost is in Dumbo in a co-working space managed by Two Trees.

“It’s clear that we need to expand our existing footprint in Brooklyn to help our agents meet the demands of its fast-paced market,” the company’s regional vice president, Kevelyn Guzman, said in a press release. “Brooklyn isn’t just a borough; it’s a lifestyle, a vibe.”

The new location is adding to the brokerage’s existing footprint, which includes offices on the Upper East Side and Tribeca. It will also feature a “creative area” outfitted with media production and personal branding equipment for agents in the borough.

News of the firm’s expansion comes as home sales are picking up across the city, including in Brooklyn where contract signings have been rising on a year-over-year basis since July, according to data from Miller Samuel.

Competition for homes in the borough was steep in the third quarter, with one in four deals landing in a bidding war. On average, properties sold for 6 percent above the last asking price, while the median sale price hit its second-highest level in a decade.

Buyers flocked to Brooklyn during the pandemic, in search of more space at an affordable price, and demand for homes in the borough has continued since then. Several Brooklyn neighborhoods rank among the most expensive in the city, including Cobble Hill, Carroll Gardens and Park Slope, according to a Property Shark report.

Coldwell Banker Warburg’s move follows that of other brokerages, including the Agency and Bond New York, which opened offices in Brooklyn in the last two years. The Agency established its second New York City location in Park Slope in September, more than a year after Bond New York opened its outpost on the border between Williamsburg and Greenpoint.
The brokerage, formerly known as Warburg Realty, sold to Coldwell Banker, a subsidiary of residential giant Anywhere Real Estate in 2021. Last year, its longtime leader Frederick Warburg Peters traded his position at the helm of the company for president emeritus, passing the reins to Guzman, who previously served as chief operating officer.