Compass is buying Stribling & Associates, one of New York City’s last major independent brokerages, The Real Deal has learned.
Financial terms were not disclosed. But the acquisition is Compass’ first major one in its hometown of New York City, and leaves the venture-backed firm with about 1,800 agents in 11 offices here.
Stribling, with a reputation for tony listings on the Upper East Side, placed fifth on TRD‘s most recent ranking of residential firms in Manhattan. With just 270 agents in Manhattan, the boutique brokerage has a robust new-development marketing division and punches above its weight. It closed $1.62 billion in sell-side deals last year in the borough, according to TRD‘s analysis. It also operates a residential division for homes $5 million and up, known as Stribling Private Brokerage, which is run by Kirk Henckels.
In a brief interview Wednesday, Elizabeth Ann Stribling-Kivlan, president of Stribling, said her agents would prosper under Compass, which was valued at $4.4 billion following a $400 million round last year led by SoftBank.
“To work with a company focused on making the agent as relevant as possible, and ensuring their livelihood is paramount to this… you can’t say that about every firm in this city or country,” she said.
Stribling-Kivlan added that she and her mother — who co-founded the firm in 1980 — have no plans to go anywhere and will stay with Compass.
In a statement Wednesday, Reffkin said that Compass was “honored that they have chosen to align their impressive organization with ours.” Read more