The Hamptons’ largest privately owned residential real estate firm is being purchased by the country’s largest real estate broker.
Realogy, the recent spinoff of Cendant, has agreed to buy Allan Schneider Associates for what is rumored to be close to $40 million, sources said.
Allan Schneider, which has offices on the South Fork, North Fork and Shelter Island, will be run by the Corcoran Group, a division of Reology.
Corcoran Group CEO Pamela Liebman had no comment.
When reached at his office late yesterday, Reology real estate division spokesman Mark Panus said that “unless it’s posted on the company Web site” it can only be termed as speculation.
Last December, The Post reported that NRT was the front-runner among a number of companies interested in acquiring Allan Schneider.
Realogy was one of four companies spun off from Cendant last month. It oversees NRT – which also owns Century 21 and ERA offices and owns Coldwell Banker.
Besides Corcoran, Reology has been responsible for gobbling up some of the Tri-State area’s most notable brokerage companies, including Sotheby’s for $100 million in 2004, making it the nation’s largest residential real estate brokerage company by a wide margin.