News Summary
Howard Hanna Real Estate Services has acquired Elegran Real Estate, marking its expansion into the Manhattan market. This strategic move highlights Howard Hanna’s growth ambitions and enhances its network in the New York metropolitan area. The acquisition not only integrates Elegran’s 157 agents but also strengthens Howard Hanna’s existing operations, positioning the company to meet diverse client needs across the Tri-State area. As Howard Hanna continues its growth strategy through acquisitions, competition in the New York real estate market is set to increase.
New York – Pittsburgh-based Howard Hanna Real Estate Services has expanded its operations into the Manhattan market through the acquisition of Elegran Real Estate, which has its single office located at 1407 Broadway. The financial terms of the acquisition have not been publicly disclosed. This strategic move is perceived as a significant milestone for Howard Hanna, emphasizing its commitment to growth and market penetration in key urban areas.
Howard Hanna, led by CEO Howard W. “Hoby” Hanna IV, views the acquisition of Elegran as “more than an acquisition — it’s a statement of intent.” The company’s entry into Manchester follows its recent growth initiatives, which included expansions into the Long Island housing market two years ago and Queens earlier this year.
In March 2023, Howard Hanna strengthened its presence on Long Island by acquiring a majority stake in Coach Realtors, which added 19 offices to its network. This year also saw Howard Hanna | Coach Realtors acquire Marquee Realty, a boutique brokerage in Astoria, thereby enhancing its foothold in Queens. With these strategic choices, Howard Hanna is rapidly establishing itself as a formidable competitor within the New York metropolitan area.
Since entering New York State just a decade ago, Howard Hanna has grown to become the largest brokerage in the state, distinguished by its agent count and volume of homes sold. In 2024 alone, the company successfully closed nearly 103,000 transactions, culminating in almost $37 billion in total closed sales volume, illustrating its robust operational capabilities.
Michael Rossi, CEO of Elegran, expressed that the decision to join forces with Howard Hanna would greatly benefit his agents, offering them enhanced scale, technology, and marketing resources. This union signifies not only the integration of Elegran’s team of 157 agents but also the expansion of Howard Hanna’s existing network, which now exceeds 15,000 agents and staff across the country.
With this acquisition, Howard Hanna is positioned to offer a comprehensive network for clients across the Tri-State area, which comprises New York City, Long Island, Westchester, Connecticut, the Hudson Valley, and Northern New Jersey. Matt Rand, president of Howard Hanna for New York, New Jersey, and Connecticut, has highlighted the brokerage’s capability to meet clients’ diverse needs through an integrated approach across multiple regions.
Howard Hanna is committed to further expanding its national presence through ongoing acquisitions and partnership opportunities. The addition of Elegran marks a significant step in this direction, contributing to Howard Hanna’s position as the largest privately held family-owned real estate brokerage in the U.S. and the fifth largest overall.
As Howard Hanna continues to grow, the real estate landscape in New York is expected to experience further transformation, with increased competition and opportunities arising from this consolidation. The continued expansion signifies Howard Hanna’s ambition to lead in innovative real estate solutions and customer service excellence across all its markets.
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Author: STAFF HERE NEW YORK WRITER
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