Halstead Property

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

Rivals Vie For Bits Of Crumbling Brokerage

By Amanda Fung

With the demise of Manhattan brokerage Coldwell Banker Hunt Kennedy reportedly looking more likely by the day, rivals are already extending condolences—and sharpening their claws to grab what they can.

Two nights ago, Diane Ramirez, president of Halstead Property, hosted a cocktail party at her two-bedroom Upper East Side apartment for 50 CBHK brokers. Personal invitations were sent out to 65 CBHK brokers just 10 days before the gathering, according to Ms. Ramirez.

“I was feeling so sad about the news,” Ms Ramirez said, adding that this is the first time she held such an intimate party for agents outside of Halstead. “We wanted to do something uplifting for them in this turmoil.”

The news that CBHK will be shuttering was first reported in trade publication The Real Deal. However, David Michonski, CBHK’s chief executive, who was recently reached at his office, declined to comment.

Meanwhile, sources said the brokerage’s 329 Columbus Ave. and 555 Madison Ave. offices may shut down as soon as next week. CBHK has approximately 200 brokers in five offices in Manhattan and Brooklyn. Claudia Fox, manager of the Columbus Avenue office, referred calls to management.

“I was surprised at the confusion. There were still some brokers who didn’t even know when their offices will close,” said Ms. Ramirez, noting that Halstead is always looking for good talent and had scheduled interviews with CBHK brokers before the party.

Halstead isn’t alone. Manhattan-based Warburg Realty Partnership said it is also interviewing CBHK brokers.

Jo Ann Kennedy, CBHK’s chief operating officer, who co-founded the brokerage’s predecessor firm Hunt Kennedy Inc., is rumored to be joining brokerage giant The Corcoran Group. Hunt Kennedy specialized in high-end properties on the Upper West Side and Upper East Side. Ms. Kennedy did not return a call for comment. Corcoran could not be reached immediately.

The industry was shocked and saddened when they heard that CBHK would be closing because of its long history. So far, it is the largest victim of the declining market.

CBHK was formed 13 years ago when Hunt Kennedy merged with Mr. Michonsky’s Coldwell Banker Manhattan franchise. At one point, CBHK was one of the fastest growing brokerages in the city. CBHK is a franchise of Coldwell Banker International, which has a network of independently owned and operated firms with 130,000 agents in more than 40 countries.

Friday, May 29, 2009