Total existing-home sales—completed transactions that include single-family homes, townhomes, condominiums and co-ops—rose 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January.
Storied Brokerage Warburg Realty Acquired by Realogy; Joining Coldwell Banker
NEW YORK—A subsidiary of Realogy, parent of Coldwell Banker Real Estate, LLC, has acquired New York City brokerage firm Warburg Realty, which began operations in New York City 125 years ago.
The storied New York City based brokerage will operate as Coldwell Banker Warburg and will be fully rebranded in January 2022, following filings with New York State, Coldwell Banker announced. No financial terms of the transaction were disclosed.
Warburg Realty and Coldwell Banker each bring more than 100 years of industry experience and success, originating from opposite coasts of the country. The companies were established within a decade of each other, Coldwell Banker in San Francisco in 1906 and Warburg Realty in New York in 1896.
Chief Executive Officer of Warburg Realty Frederick Warburg Peters, along with his management team and brokerage force, will remain with the newly combined company. Warburg Realty will retain its two prime office locations, comprising more than 120 affiliated sales professionals.
Warburg President since 2016, Clelia Warburg Peters, has left the firm to focus on Proptech investing, according to a report in The Real Deal.
Coldwell Banker Warburg will be the first acquisition to be fully branded under the Coldwell Banker Global Luxury program, added to the Coldwell Banker brand’s best-in-class client services in such markets as Los Angeles, Aspen, Colorado and Miami. The Coldwell Banker Global Luxury program represents more than $168 million in sales volume daily based on 2020 data. Having a New York presence will significantly strengthen the company’s global position while reinforcing Warburg’s leadership in the New York luxury space, Coldwell Banker stated.
“This is a groundbreaking moment for both Coldwell Banker and Warburg Realty. This marks the Coldwell Banker brand’s expansion into Manhattan and solidifies our presence in the New York luxury real estate landscape,” said M. Ryan Gorman, president and CEO, Coldwell Banker Real Estate LLC. “With its storied legacy and tradition of extraordinary service, Warburg has earned significant respect from customers, colleagues, and me. We have a strong personal relationship, and I have deep admiration for Frederick and the entire Warburg team. We look forward to further strengthening our position as a North Star of luxury real estate in New York City for many more decades to come.”
“I am extremely proud and happy to see Warburg Realty become a partner in the Coldwell Banker brand’s Global Luxury initiative. Throughout my 40-year career in residential real estate, I have worked to elevate the integrity and professionalism of our industry,” said Frederick Warburg Peters, CEO, Coldwell Banker Warburg. “Working with the Coldwell Banker brand, I am giving Warburg agents the finest tools to create even more value for our clients and customers. I know this joining of congruent brands will benefit us all. We can’t wait to get started!”
Coldwell Banker Real Estate LLC has a network of more than 96,000 affiliated sales professionals in approximately 2,900 offices across 40 countries and territories,