Aptsandlofts’ offices on Driggs Avenue in Williamsburg
In a groundbreaking purchase for Brooklyn real estate, Corcoran Group’s Citi Habitats has bought influential real estate brokerage aptsandlofts.com
The mid-sized, 13-year-old real estate agency was founded in 2002, and was very influential in shaping developments in North Brooklyn. Aptsandlofts.com will operate under the name Citi Habitats. Terms of the deal were not disclosed.
An early mover in the Williamsburg real estate market, Aptsandlofts.com advised local developers on how to make tenement conversions and ground-up construction appealing to the local market. Aptsandlofts.com currently has a staff of 110, a significant contrast to Citi Habitats’ more than 750 employees.
“I’m seeing in Bed Stuy what I saw happen in Williamsburg in 2002,” Aptsandlofts.com founder David Maundrell said when the firm opened an office in the brownstone neighborhood in 2013, spurring a debate about similarities and contrasts in the two areas. Maundrell’s new role will be Citi Habitats Executive Vice President for Brooklyn and Queens New Development.
Corcoran was embroiled in a lawsuit with Compass when a number of Corcoran’s agents transferred to Compass. The lawsuit was settled earlier this year. The acquisition of aptsandlofts immediately gives Citi Habitats a strong presence in the Brooklyn market which more than compensates for agents previously lost to Compass.
[Photo: Christopher Bride for PropertyShark]