A pair of multioffice Coldwell Banker franchises in New York have merged to create a company serving some of the toniest parts of the state. The combined company will have about 175 agents across eight offices in both NYC and the Hamptons.
A pair of multioffice Coldwell Banker franchises in New York have merged to create a company serving some of the toniest parts of the state.
The merger, announced this week, involves New York City-based Coldwell Banker Reliable Real Estate joining forces with Hamptons-based Coldwell Banker Beau Hulse Realty Group. Each original franchise will bring four offices to the deal, for a combined total of eight. The merged company also will have 175 affiliated sales professionals — 125 from the New York City offices and 50 from the Hamptons — with a statement adding that there are plans to up that number in the future.
The franchises did not disclose the financial details of the deal.
The merged company will operate using the Coldwell Banker Reliable Real Estate banner. However, Beau Thomas A. Hulse and Patricia Hulse, who co-owned the Hamptons franchise, will stay on in the new company as a principal managing broker of record and vice president, respectively.
In the statement, Hulse said the merger “enables us to strengthen our foothold in the city and Hamptons markets” while “retaining the trusted Coldwell Banker name.”
“Together, we make a gifted and powerful sales force,” he added.
A spokesperson for the franchises told Inman the deal had been in the works for two years before it was finally announced this week.
What had been known as Coldwell Banker Beau Hulse Realty Group specifically has offices in Westhampton Beach, Southampton, Bridgehampton and Hampton Bays — all areas known for their beaches and pricey real estate. For example, the most expensive home currently for sale in Westhampton Beach is a 6,000-square-foot estate with an asking price of $21.5 million.
Coldwell Banker Reliable Real Estate has long maintained a base in Brooklyn. In 2019, the franchise expanded into Manhattan’s Harlem neighborhood. The move was significant because it marked Coldwell Banker’s return to Manhattan after a years-long absence.
In the statement this week, Joseph T. Hamdan — Coldwell Banker Reliable Real Estate’s principal and managing broker — said he is excited to partner with the Hamptons-based team.
“Together we represent a wealth of market knowledge and professional expertise” Hamdan added. “Having a combined city and Hamptons presence will significantly strengthen the position of Coldwell Banker in the five boroughs of New York City while reinforcing our leadership in the Hamptons luxury space and aligning our agents and our company to better serve our clients.”