New York-based brokerage Corcoran Group is expanding into Puerto Rico with the welcoming of a new affiliate office in the territory, the company announced Thursday.

The San Juan firm formerly known as Gramercy Real Estate Group will become Corcoran Puerto Rico and will be headed by Blanca Hebé López Pierluisi, who previously worked with Corcoran as an affiliate on new development projects in New York City and is a Puerto Rico native. Gramercy Real Estate Group was founded in 2016 and specializes in high-end home sales and rentals. Thus far this year, the firm has sold $50 million in real estate.

The new affiliate marks Corcoran’s fourth in the Caribbean. The brokerage also boasts affiliates in British Virgin Islands, the Bahamas and St. Barth.

“I am always thrilled when one of our own finds their way back to us, so to be joining forces with Blanca to bring Corcoran Puerto Rico to life is truly special,” Corcoran Group President and CEO Pamela Liebman said in a statement. “Continuing to create more opportunities for all of our affiliated agents and clients is at the center of this growth, and I have no doubt that this new talented team will bring the Corcoran brand to the region in a strong and exciting way.”

Puerto Rico’s status as an emerging second-home market for U.S. residents, as well as its proximity to the mainland U.S., were some strong considerations for the brokerage’s move there, a statement sent to Inman stated.

The new affiliate office is located in Puerto Rico’s capital of San Juan and will serve a number of areas throughout the state, including Condado, Dorado, Miramar, Guaynabo, Old San Juan and areas on the west side of the island.

Blanca Hebé López Pierluisi | Credit: Gramercy Real Estate Group

Corcoran launched the Corcoran Affiliate Network at the beginning of 2020 and Corcoran Puerto Rico marks the company’s 15th affiliate. As an affiliate of the brokerage, Corcoran Puerto Rico will have access to all of the Corcoran brand’s resources, including training and marketing tools.

“We are thrilled to put Puerto Rico on the map with this new endeavor as Corcoran Puerto Rico,” Pierlusi said in a statement. “This is such a prime opportunity for growth, particularly given the current boom in real estate here on the island. Having been part of Corcoran for almost a decade in New York City, it feels like bringing my extended family home.”

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