Compass, the nation’s largest brokerage by sales volume, announced plans to merge with Anywhere Real Estate, the industry’s second-largest player. The deal, which is expected to close next year, values Anywhere at $1.6 billion and will see Compass CEO Robert Reffkin lead the combined company. After the merger, Compass will retain a 78 percent ownership stake.
The merged firms would have an agent count of approximately 340,000 and estimate their combined enterprise value at $10 billion. This move has generated significant discussion in the real estate industry regarding its impact on market control, particularly in areas where both companies are highly active.
In New York City, Anywhere operates through subsidiaries such as Corcoran, Sotheby’s International Realty, and Coldwell Banker Warburg. The combination with Compass would unite leading brokerages in Manhattan and Brooklyn under one corporate structure.
According to The Real Deal’s latest ranking of top brokerages in New York City, Compass and Corcoran closed over $9 billion in sell-side deals in Manhattan and $3.2 billion in Brooklyn during 2024. Collectively, brands under Compass and Anywhere were responsible for about $15 billion worth of on-market sell-side transactions across Brooklyn, Manhattan, and Queens last year—roughly 26 percent of the total $57 billion transacted in those boroughs during that period.
Compass and three major brands from Anywhere—Corcoran, Sotheby’s International Realty, Coldwell Banker Warburg—as well as Christie’s International Real Estate (acquired by Compass this year), ranked among the top ten brokerages in Manhattan with a combined sales volume near $11 billion.
While these firms represent about a quarter of all transaction volume across three boroughs, their share is even greater within luxury markets due to their established presence there.
At a panel discussion hosted by the New York Residential Agent Continuum and Master Brokers Forum in Miami last week, Compass agent Heather Domi commented on New York’s resilience: “Never bet against New York City and New Yorkers,” Domi said while referencing Barbara Corcoran. “That has held true time and time and time again. We will be fine.”
Some brokers discussed political factors affecting high-end clients’ decisions to stay or leave New York City ahead of November’s mayoral election. Alicia Cervera Lamadrid from Florida-based Cervera Real Estate said: “I love New York and I want New York to always, always shine,” adding concern about local elections but also stating: “But New York’s success is Miami’s success.”
Domi noted that contract activity was down 22 percent year-over-year during September’s first three weeks—a trend she linked partly to pre-election uncertainty—but indicated ongoing business momentum: “We are getting impacted,” Domi said. “But anecdotally, we’ve got lower interest rates, and I’m super busy. People who have been dragging their feet and waiting are now pulling the trigger.”
Elsewhere along the East Coast expansion front for major firms: Ryan Serhant announced his firm will open an office in Newport, Rhode Island next month with five founding agents who collectively handled about $550 million in sales over the past year.
The most expensive residential sale registered this week was a co-op at 998 Fifth Avenue for roughly $38 million; Evan Cheng purchased it from William Lauder off-market after Lauder bought it for around $24 million seven years ago.
