Howard Hanna has entered the Manhattan real estate market through the acquisition of Elegran Real Estate, a firm founded 17 years ago by CEO Michael Rossi. The announcement was made on Thursday, with Howard Hanna stating that the newly acquired company will now operate as Howard Hanna Elegran.
The move follows Howard Hanna’s recent expansion efforts in New York City’s outer boroughs and suburbs. “Elegran — which placed 15th in The Real Deal’s latest ranking of the top brokerages in Manhattan with $118 million in sales — was ‘a great company to give us entrée and use as a springboard,’” said Hoby Hanna, CEO of Howard Hanna.
Hanna noted that he and Rossi had previously discussed joining forces but decided against it at that time. “The timing wasn’t right for either of us,” he said. According to Hanna, Rossi revisited the idea earlier this year, leading to the current deal.
A spokesperson for Elegran declined to disclose further details about the acquisition or its purchase price due to confidentiality agreements.
Elegran maintains offices in both the Bronx and Queens. In 2023, Howard Hanna acquired Coach Realtors on Long Island and subsequently expanded into Astoria through acquiring Marquee Realty. With this latest deal, Elegran’s 157 agents will join Howard Hanna’s network of 3,500 agents across the tri-state area. The firm began operating in New York state ten years ago and now claims to have the largest agent headcount and number of transactions statewide.
Michael Rossi will stay with the company as executive vice president, focusing on growth and development within New York City alongside regional president Matt Rand.
Rossi commented on industry challenges: “It’s very tough, post-class action lawsuits and the FARE Act, to be an independent firm and thrive in this market.” He added that industry consolidation influenced his decision: “The timing was perfect” given recent mergers such as Compass and Anywhere Real Estate announcing plans to merge next year. “I wish I knew that the Compass news was happening,” Rossi said.”That would have made me the smartest guy in the world.”
Both leaders described consolidation as beneficial for their privately-held business model. “Nimble” is how Hanna characterized their approach, suggesting it is appealing for agents seeking flexibility over larger corporate structures. Rossi echoed this sentiment: “The consumer really needs a choice,” he said. “It’s like Pepsi and Coke in the refrigerator.”
Prior to this acquisition, Elegran ended its licensing agreement with Forbes Global Properties earlier this year. This move led to speculation about a potential takeover by Howard Hanna months before it became official. Rossi confirmed in June that Elegran had left Forbes Global Properties but did not provide further details at that time.
He explained that rumors spread because “we kept agents abreast of the conversations we were having and the direction we were thinking of going.”
In recent months, several agents have departed from Elegran—including managing director Jared Antin who joined Brown Harris Stevens as executive director in July—and two teams who moved to Coldwell Banker Warburg shortly after. Addressing these departures, Rossi stated: “Made it seem like we lost a lot of people,” but clarified: “We’ve only lost three revenue-generating agents who were incentivized to bring over non-producing agents to Coldwell Banker.” He added: “During a time of transition, our retention has been industry standard,” and concluded: “Actually, given the transition, our retention’s been incredible. No one likes change.”
