Howard Hanna, one of the largest real estate brokerages in the United States, has expanded its presence into Manhattan with the acquisition of Elegran Real Estate. The deal, announced Thursday, marks a significant step for Howard Hanna as it continues to grow in New York City and its surrounding areas.
Founded 17 years ago by CEO Michael Rossi, Elegran will now operate under the name Howard Hanna Elegran. The company’s headquarters are located in Midtown Manhattan. Howard Hanna CEO Hoby Hanna stated that the firm had been considering entry into the Manhattan market for some time. “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,’” Hanna said.
Hanna noted that discussions with Rossi about joining forces began several years ago but were postponed due to timing. “Rossi then circled back in the spring, ‘and here we are today,’” he said.
Details about the terms of the acquisition remain confidential, as an Elegran spokesperson declined to disclose the purchase price.
Howard Hanna has already established offices in the Bronx and Queens and previously acquired Coach Realtors on Long Island in 2023. This led to further expansion into Astoria through the acquisition of Marquee Realty. With this latest deal, Elegran’s 157 agents will become part of Howard Hanna’s network of 3,500 agents across the tri-state area. The company reports that it is now the largest brokerage by agent headcount and number of transactions in New York state.
Michael Rossi will continue with the firm as executive vice president, focusing on growth and development in New York City alongside regional president Matt Rand.
Rossi addressed recent challenges faced by independent brokerages, saying: “It’s very tough, post-class action lawsuits and the FARE Act, to be an independent firm and thrive in this market.” He also noted that industry consolidation made this a good time for the deal. “The timing was perfect,” he said, referencing last month’s merger announcement between Compass and Anywhere Real Estate.
“I wish I knew that the Compass news was happening,” Rossi added. “That would have made me the smartest guy in the world.”
Both leaders emphasized that increased consolidation benefits their privately-held company. Hanna described Howard Hanna as “nimble” and appealing to agents seeking flexibility rather than large corporate structures. Rossi said: “The consumer really needs a choice. It’s like Pepsi and Coke in the refrigerator.”
Elegran had ended its licensing agreement with Forbes Global Properties earlier this year, fueling speculation about a possible takeover. In June, Rossi confirmed that Elegran was no longer part of Forbes and was exploring new collaborations.
Addressing reports about agent departures during this transition period, Rossi stated: “News of the agents’ departure ‘made it seem like we lost a lot of people,’” he said. “But 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 called retention during this period “incredible.”
