Compass has announced plans to merge with Anywhere Real Estate, a move that would unite the country’s two largest brokerages by sales volume. The deal, which is expected to close next year, values Anywhere at $1.6 billion and will see Compass CEO Robert Reffkin leading the combined company. Compass will hold a 78 percent ownership stake in the new entity. After the merger, the firms’ combined agent count is projected to reach approximately 340,000, and their enterprise value is estimated at $10 billion.
This development has generated significant discussion within the real estate industry about market concentration and competition in key regions where both companies are highly active. In New York City, Anywhere operates through several well-known subsidiaries that are among the city’s top-producing brokerages. Merging with Compass would place leading firms from Manhattan and Brooklyn under one corporate structure.
Data from The Real Deal indicates that in 2024, Compass and Corcoran together closed over $9 billion in sell-side transactions in Manhattan and another $3.2 billion in Brooklyn. Collectively, brands associated with Compass and Anywhere were responsible for about $15 billion in on-market sell-side deals across Brooklyn, Manhattan, and Queens last year—approximately 26 percent of the total $57 billion transacted in those boroughs during that period.
Compass, three Anywhere-owned brands (Corcoran, Sotheby’s International Realty, Coldwell Banker Warburg), and Christie’s International Real Estate—which was acquired by Compass this year—ranked among Manhattan’s top ten brokerages with an estimated combined sales volume of $11 billion.
While these firms account for roughly a quarter of transaction volume across three boroughs, their influence is especially strong within the luxury sector; Compass, Corcoran, and Sotheby’s International Realty are all recognized leaders there.
During a recent panel hosted by the New York Residential Agent Continuum and Miami’s Master Brokers Forum, Compass agent Heather Domi commented on New York’s resilience: “Never bet against New York City and New Yorkers,” she said quoting Barbara Corcoran. “That has held true time and time and time again. We will be fine.”
Discussions also touched on concerns about high-net-worth individuals potentially relocating due to political or tax considerations. Florida-based broker Alicia Cervera Lamadrid remarked: “I love New York and I want New York to always, always shine,” but added concerns about local elections: “I am not excited about your mayoral election. I am terrified.” She also noted: “But New York’s success is Miami’s success.”
Domi observed a 22 percent decline in contract activity during early September compared to last year—a trend she attributes partly to uncertainty before November’s mayoral election—but emphasized ongoing business momentum: “We are getting impacted,” she 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.”
Meanwhile, Ryan Serhant continues expanding his brokerage presence along the East Coast by opening an office in Newport, Rhode Island next month with five founding agents whose recent annual sales totaled approximately $550 million. This marks Serhant’s firm’s entry into its thirteenth state since it began growing beyond New York City two years ago.
In other notable news this week from Manhattan real estate transactions: A co-op apartment at 998 Fifth Avenue sold for around $38 million in an off-market deal between cryptocurrency entrepreneur Evan Cheng and cosmetics heir William Lauder.
