Residential brokerage Bond New York is expanding its reach to Upper Manhattan with the acquisition of Harlem-based firm Absolute Properties.
Bond, which operates four Manhattan offices, plans to take over Absolute Properties’ sole location at 1677 Amsterdam Avenue, at 143rd Street, on Thursday. Of Absolute’s roughly 28 agents, 22 have so far committed to joining the new firm. This includes the former company’s CEO and founder Nathan Grass.
Expanding into Harlem has been a goal for Bond co-founder Bruno Ricciotti since 2009, and he said the brokerage is looking to capitalize on the growing market in Upper Manhattan. Bond’s offices are located in Chelsea, the Upper East Side, Union Square and Columbus Circle.
“We’re doing a lot of rentals and sales literally from Morningside Heights up to Inwood, and even a little bit in the Bronx,” Ricciotti said.
Bond, founded by Ricciotti and Noah Freedman in 2000, had $73.9 million in total dollar volume of listings in 2015, according to an analysis of top residential firms from The Real Deal.
Ricciotti said that by absorbing Absolute Properties, the company will gain local brokers and will provide them with the resources and backing of a large firm.
“We’re starting with a fully operational business up there,” he said, adding that this is the first time Bond has absorbed another brokerage.
Absolute Properties [TRDataCustom], founded by Grass and James Endress in 2009, does both sales and rentals. In 2014, the company agreed to pay penalties and change their policies following an investigation by the New York state Attorney General’s office. Brokers at the firm were accused of discriminating against clients and applicants who receive government assistance.