The last of the big independent residential real estate firms on Long Island’s East End has been sold.
NRT, the largest residential real estate brokerage company in the United States, announced yesterday that it has bought the assets of Allan M. Schneider Associates, Inc., which will henceforth be run under, and known as, The Corcoran Group.
The announcement – which comes a day after The Post reported the imminent sale – merges the Corcoran and Schneider Offices, which will number 475 sales associates who have accounted for $2.6 billion in closed sales volume during the past 12 months.
“It gives us a huge market presence throughout the East End,” said Corcoran CEO Pamela Liebman. “The [purchase] fills a void where we’re currently not operating, including the North Fork, Hampton Bays and Montauk.”
NRT is a subsidiary of Realogy Corporation, which operates Realogy’s company-owned real estate brokerage offices, including The Corcoran Group and Sotheby’s. While terms of the deal were not disclosed, sources say the likely price was in the mid-to-high $30-million range.
Allan Schneider Associates, which opened in 1974, has been a major presence on the East End real estate market, specializing as a luxury residential real estate brokerage.