Halstead Property

Diane M. Ramirez
President
dramirez@halstead.com
(212) 381-3203

Halstead Snaps Up Another Brokerage

Buys small boutique firm based in Riverdale section of the Bronx; seller says industry has changed and that it takes more money and technology to compete.

By Amanda Fung

Halstead Property has acquired the small Riverdale, Bronx-based boutique residential brokerage firm of Susan Goldy Real Estate Inc., the company announced Friday morning. The acquisition will give Halstead a second retail storefront in the leafy Bronx neighborhood.

Founded in 1981, Susan Goldy Real Estate has a dozen agents, who will become a team at Halstead, according to Diane Ramirez, president of what ranks as one of the city's largest residential brokerage firms. Ms. Ramirez said she approached the boutique's namesake founder, who has been in the real estate business since the early 1970s, more than a year ago about a potential deal. Financial details of the transaction were not disclosed.

“I have a great deal of respect for what Susan has built and for her team,” said Ms. Ramirez. “There is a natural synergy between our two firms—we have a family feel and similar styles.”

In this increasingly competitive marketplace, it takes a lot more resources, especially money and technology, to cater to clients, said Ms. Goldy, noting that is the reason why she decided to partner with a larger company.

“The nature of the real estate business has changed,” she said, adding her small agency had a limited budget. “It's no longer enough to be a highly regarded boutique. You have to bring more to the table,” she added.

Prior to the acquisition, Halstead had 20 agents devoted to the Riverdale market and an office on Johnson Avenue in the southern reaches of the neighborhood. The brokerage will inherit Susan Goldy's Mosholu Avenue office, which is located further north, complementing Halstead's presence in the area. The additional office will be Halstead's twentieth in the tri-state area.

“Riverdale is a hidden gem,” said Ms. Ramirez, pointing out its proximity to Manhattan. “We are very committed to the community, and we want to make sure we dominate there.”

Halstead has been rapidly expanding these past two years. Last year, Halstead grew in the Connecticut market by acquiring boutique Wheeler Real Estate. The brokerage, owned by Terra Holdings, also recently absorbed Country Living Associates in Fairfield County. Halstead currently has approximately 900 agents in the tri-state area.

Friday, May 06, 2011