The New York real estate sector saw significant activity this week, beginning with Compass announcing its acquisition of Anywhere Real Estate. Anywhere is the parent company of major brokerage brands including Corcoran, Sotheby’s International Realty, Coldwell Banker, and Century 21. The merger, structured as an all-stock deal, values Anywhere at $1.6 billion and will result in Compass shareholders holding 78 percent ownership of the combined business.
The companies expect the transaction to close in the second half of 2026. The resulting entity is projected to have an enterprise value of approximately $10 billion. According to RealTrends data, Compass and Anywhere are currently the largest brokerages in the U.S. by transaction volume; Compass recorded over $231 billion in transactions during 2024 while Anywhere completed nearly $184 billion.
In development news, veteran developer Harry Macklowe finalized a purchase to redevelop a historic apartment building at 809 Madison Avenue on Manhattan’s Upper East Side for $49 million. Macklowe plans to convert the 1920s-era property into ultraluxury condominiums featuring large single-floor apartments using additional air rights he acquired for expansion. Sources told The Real Deal that Macklowe secured support from the Landmarks Preservation Commission for his redevelopment plans.
Macklowe last launched a major project in Manhattan a decade ago with his purchase and conversion of One Wall Street for $585 million—a process that faced challenges but has recently seen increased contract signings after slow sales periods.
Casino proposals also made headlines this week as a community advisory committee rejected Soloviev Group’s plan for a casino near the United Nations headquarters by a vote of 4-2. This decision marks the third casino proposal dismissed in Manhattan recently, following setbacks for SL Green’s Times Square site and Silverstein Properties’ Far West Side plan.
Elsewhere, casino projects had more success: MGM Empire City in Yonkers and Queens Aqueduct Casino operated by Resorts World received unanimous approval from their respective community advisory committees, advancing their bids to secure state gaming licenses. If approved, only one downstate license would remain available with contenders including Steve Cohen (Queens), Bally’s (Bronx), and Joe Sitt (Brooklyn).
On the celebrity real estate front, singer Sabrina Carpenter purchased a duplex at 108 Leonard Street for nearly $10 million. The residence spans 2,900 square feet across two levels connected by a private elevator and includes four terraces along with three bedrooms and three full bathrooms.
