A pair of Coldwell Banker multi-office franchises in New York have merged to create a business serving some of the fastest growing parts of the state. The combined company will have approximately 175 agents across eight offices in New York and the Hamptons.
A pair of Coldwell Banker multi-office franchises in New York have merged to create a business serving some of the fastest growing parts of the state.
The merger, announced this week, involves New York-based Coldwell Banker Reliable Real Estate joining forces with Hamptons-based Coldwell Banker Beau Hulse Realty Group. Each original franchise will bring four offices to the transaction, for a combined total of eight. The combined company will also have 175 affiliated sales professionals — 125 from the New York offices and 50 from the Hamptons — with a statement adding that there are plans to increase that number in the future.
The franchises did not disclose financial details of the deal.
The combined company will operate under the Coldwell Banker Reliable Real Estate banner. However, Beau Thomas A. Hulse and Patricia Hulse, co-owners of the Hamptons franchise, will remain with the new company as senior chief broker and vice president, respectively.
In the statement, Hulse said the merger “allows us to strengthen our presence in the City and Hamptons markets” while “retaining the trusted Coldwell Banker name.”
“Together we are a talented and powerful sales force,” he added.
A spokesperson for the franchises told Inman the deal had been in the works for two years before it was finally announced this week.
What used to be known as Coldwell Banker Beau Hulse Realty Group specifically has offices in Westhampton Beach, Southampton, Bridgehampton and Hampton Bays – all areas known for their beaches and expensive real estate. For example, the most expensive home currently for sale in Westhampton Beach is a 6,000 square foot estate with an asking price of $21.5 million.
Coldwell Banker Reliable Real Estate has long maintained a base in Brooklyn. In 2019, the franchise expanded to the Harlem neighborhood of Manhattan. The move was significant as it marked Coldwell Banker’s return to Manhattan after an absence of several years.
More recently, in October 2021, Coldwell Banker – which is owned by Realogy – increased its presence in the New York market by acquiring Warburg Realty.
In this week’s statement, Joseph T. Hamdan – principal broker and director of Coldwell Banker Reliable Real Estate – said he was delighted to partner with the Hamptons-based team.
“Together, we represent a wealth of market knowledge and professional expertise,” added Hamdan. “Having a combined presence in the city and the Hamptons will significantly strengthen Coldwell Banker’s position in all five boroughs of New York City while strengthening our leadership in the Hamptons luxury space and aligning our agents and our company to better serve our clients.”
Email Jim Dalrymple II