"Howard Hanna has officially planted its flag in Manhattan. One of the nation's largest brokerages announced on Thursday that it acquired Elegran Real Estate, the 17-year-old firm founded by CEO Michael Rossi. Under its new ownership, the company, headquartered in Midtown, will be referred to as Howard Hanna Elegran. Howard Hanna has been expanding in the outer boroughs and New York City suburbs in recent years as it evaluated opportunities to set up shop in Manhattan, according to Howard Hanna CEO Hoby Hanna."
"Elegran's 157 agents will join Howard Hanna's network of 3,500 agents across the tri-state area. The firm launched operations in New York state a decade ago and has since become its largest in agent headcount and number of transactions, according to a press release. Rossi will remain on board with the company as an executive vice president with a focus on growth and development in New York City. He'll be working alongside Matt Rand, the firm's regional president."
Howard Hanna acquired Elegran Real Estate, a 17-year-old Midtown firm founded by Michael Rossi, and will operate it as Howard Hanna Elegran. Elegran ranked 15th in Manhattan with $118 million in sales and brings 157 agents into Howard Hanna's 3,500-agent tri-state network. Howard Hanna expanded previously in the outer boroughs and suburbs, using earlier acquisitions to enter Astoria and Long Island. Michael Rossi will remain as executive vice president focusing on New York City growth and development and will work with regional president Matt Rand. Elegran declined to disclose the purchase price under a confidentiality agreement. Rossi cited legal and regulatory pressures as reasons consolidation is timely.
Read at therealdeal.com
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