The week in New York real estate started off with a shocker when Compass swooped in to acquire Anywhere Real Estate, parent company of Corcoran, Sotheby’s International Realty, Coldwell Banker, Century 21 and other major brands.
The all-stock merger values Anywhere at $1.6 billion and gives Compass shareholders 78 percent ownership of the combined entity.
The transaction is expected to close in the second half of 2026 and the combined company’s enterprise value would be an estimated $10 billion.
The deal brings together the two largest brokerages in the country by transaction volume, according to RealTrends; Compass recorded more than $231 billion in transaction volume in 2024, while Anywhere transacted nearly $184 billion.
A real estate lifer found his next project this week when Harry Macklowe closed a deal to redevelop a 1920s-era apartment building on Madison Avenue into ultraluxury condos. He bought the property at 809 Madison on the Upper East Side’s “Gold Coast” from Churchill Real Estate Holdings for $49 million.
One obstacle to the site is the Landmarks Preservation Commission, but Macklowe was able to get the LPC on board with his plans, sources told The Real Deal, which include using air rights he acquired to expand the building and convert it into large, 4,000-square-foot single-floor apartments.
Macklowe, who turned 88 last month, hasn’t launched a Manhattan development project in a decade, when he bought One Wall Street for $585 million. The $2 billion conversion project has had its ups and downs, but after a period of slow sales, there’s been an increase in contracts.
Casino developments, however, will not be in the cards for Manhattan. A community advisory committee dashed the Soloviev Group’s hopes for a casino on a vacant lot near the United Nations building, voting against the proposal by a 4-2 tally.
The Freedom Plaza project was the third casino to be rolled out of Manhattan over the course of a couple of weeks, adding to defeats suffered by SL Green (Times Square) and Silverstein Properties (Far West Side).
The “racinos” had far better luck later in the week. MGM Empire City in Yonkers and the Queens Aqueduct Casino, operated by Resorts World, received unanimous approval from their CACs, moving their casino proposals on to the state gaming commission.
Should they secure downstate gaming licenses, as expected, there would be one left up for grabs. Among those wanting it: Steve Cohen in Queens, Bally’s in the Bronx and Joe Sitt in Brooklyn.
And finally, on the celebrity real estate front, Sabrina Carpenter has a new home for her to offer prospective suitors a “House Tour.”
An entity tied to Carpenter, who is touring a recent album release, closed on a duplex at 108 Leonard Street for nearly $10 million.
The 2,900-square-foot pad is connected by a private elevator and features four private terraces. The home comes with three bedrooms and three full bathrooms.
Read more
Compass to acquire Anywhere for $1.6B
Macklowe nabs Madison Ave site for next condo project
It’s official: Manhattan won’t have a casino
