Hanna added that he and Rossi had discussed joining forces a few years ago, but the \u201ctiming wasn\u2019t right for either of us.\u201d Rossi then circled back in the spring, \u201cand here we are today,\u201d he said.\u00a0<\/p>\n
A spokesperson for Elegran declined to share additional details about the acquisition, including the purchase price, citing a confidential agreement.\u00a0<\/p>\n
The company\u2019s existing New York City offices include a location in the Bronx and in Queens. Howard Hanna acquired a Long Island-based firm, Coach Realtors, in 2023, and under their combined umbrella, expanded to Astoria through the acquisition of Marquee Realty.\u00a0<\/p>\n
Elegran\u2019s 157 agents will join Howard Hanna\u2019s network of 3,500 agents across the tri-state area. The firm launched operations in New York state a decade ago and has since become its largest in agent headcount and number of transactions, according to a press release.\u00a0<\/p>\n
Rossi will remain on board with the company as an executive vice president with a focus on growth and development in New York City. He\u2019ll be working alongside Matt Rand, the firm\u2019s regional president.\u00a0<\/p>\n
\u201cIt\u2019s very tough, post-class action lawsuits and the FARE Act, to be an independent firm and thrive in this market,\u201d Rossi said.\u00a0<\/p>\n
He added that the \u201ctiming was perfect\u201d considering the wave of consolidation in the industry, which hit a peak last month when Compass and Anywhere Real Estate announced a seismic merger deal<\/a> expected to close next year.<\/p>\n \u201cI wish I knew that the Compass news was happening,\u201d Rossi said.\u201dThat would have made me the smartest guy in the world.\u201d\u00a0<\/p>\n Both Rossi and Hanna billed increased consolidation as an advantage for the privately-held company, which Hanna described as \u201cnimble\u201d and a \u201cgood attraction point for agents and brokerages that are looking for that flexibility, as opposed to big corporate philosophies.\u201d<\/p>\n \u201cThe consumer really needs a choice,\u201d Rossi said. \u201cIt\u2019s like Pepsi and Coke in the refrigerator.\u201d<\/p>\n News of the acquisition comes after Elegran ended its licensing agreement with Forbes Global Properties earlier this year, sparking rumors of a potential takeover that eventually pegged Howard Hanna as the likely frontrunner months ahead of the official announcement.\u00a0<\/p>\n Rossi confirmed through a spokesperson in June that the brokerage was no longer part of the Forbes network and that it was working on a \u201cnew collaboration,\u201d though he declined to share more details at the time.<\/p>\n Rossi said the \u201cwhispering\u201d was because \u201cwe kept agents abreast of the conversations we were having and the direction we were thinking of going.\u201d<\/p>\n Several agents have left Elegran over the last few months, including its managing director Jared Antin, who joined Brown Harris Stevens as an executive director in July. The following month, two other teams, the Asset Advisory Team and the Waterview Advisory Group, also left Elegran to join Coldwell Banker Warburg.\u00a0<\/p>\n News of the agents\u2019 departure \u201cmade it seem like we lost a lot of people,\u201d Rossi said. \u201cBut we\u2019ve only lost three revenue-generating agents who were incentivized to bring over non-producing agents to Coldwell Banker.\u201d<\/p>\n \u201cDuring a time of transition, our retention has been industry standard,\u201d Rossi said. \u201cActually, given the transition, our retention\u2019s been incredible. No one likes change.\u201d<\/p>\n \tRead more \t\t\t\t\t\t\t\t\t\t\t\t\t Elegran revealed as creator of fake building websites<\/p>\n \t\t\t<\/a> \t\t\t\t\t\t\t\t\t\t\t\t\t Howard Hanna accuses Compass of poaching agents, stealing trade secrets<\/p>\n
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