In life, bigger isn’t always better. In the real estate business, however, it usually is, and this morning, New York City’s premier residential real estate firm finds itself a whole lot bigger. Corcoran’s President and CEO, Pamela Liebman, announced that the city’s Citi Habitats will merge into Corcoran. The unified company will operate as one brand, Corcoran, effective immediately. “It’s a pivotal moment in the Corcoran story,” she added. “This merger supercharges the Corcoran name in New York City. It future-proofs our brand and redoubles our agents’ dominance in the five boroughs.”
Merging Citi Habitats into Corcoran is the centerpiece of Corcoran’s long-term growth plan. It follows the company’s 2019 expansion in South Florida, which saw office openings in West Palm Beach, Miami Beach, and Bal Harbour, and the announcement of Corcoran’s entry into the franchise business, through which the brand will grow its presence across the United States and around the world.
“With a bigger footprint in New York City, Corcoran now offers its clients the deepest market expertise and the broadest range of housing options in the five boroughs — from walk-up to white glove.”
“The combined strength of these two great brands will drive our growth strategy for 2020 and beyond,” said Pamela Liebman. “It’s a move that dramatically augments our customer base in New York, further bolstering our position as a leader in sales, rentals, and new developments. With a bigger footprint in New York City, Corcoran now offers its clients the deepest market expertise and the broadest range of housing options in the five boroughs — from walk-up to white glove. Renters, buyers, sellers, and investors at all levels will find a home at Corcoran.”
Corcoran acquired Citi Habitats in 2004, and until the merger, the latter operated as an independent division of The Corcoran Group. Long acknowledged as New York City’s largest rental brokerage firm, Citi Habitats also established itself as a force in the resale and new development spaces. Gary Malin led the company since the acquisition, overseeing 700 agents and employees serving Manhattan, Brooklyn, and Queens. Malin recently stepped into the role of Chief Operating Officer at Corcoran, a position that will allow him to oversee the day-to-day administrative and operational functions of the newly merged company.
“In addition to enormous strategic advantages for the Corcoran brand, the merger opens a clear path to success for agents,” said Malin. “With enormous networking and referral opportunities, a robust lead-generation program, best-in-class marketing and agent education initiatives, innovative tech support, and a managerial team that’s unmatched in the industry, we’ve built an incredible platform from which all agents — from new licensees to industry veterans — can grow and develop their businesses.” Malin added: “If an agent wants to win in New York City real estate, Corcoran is the place to do it.”