Thomas Gallagher and Michael Litzner, owners of Century 21 American Homes, will acquire the assets of brokerage Coldwell Banker Realty on Long Island, owned and operated by Realogy Brokerage Group. The combined operation, which accounted for nearly $2.7 billion in sales volume and more than 5,000 closed transaction sides in 2020, intends to do business under a newly launched banner of Coldwell Banker American Homes, as the newest member of the Coldwell Banker global franchise network.
Together, they intend to serve Queens, Nassau and Suffolk Counties with more than 1,350 affiliated independent sales professionals with 23 offices. The combined organizations will be the second leading residential real estate company in sales volume and units sold in the region, the company said. Gallagher and Litzner will remain with the newly launched company in leadership roles.
“Together with the Coldwell Banker brand, we will substantially grow our footprint on Long Island, which will greatly benefit our affiliated agents and, ultimately, their clients,” Litzner said. “We look forward to expertly and successfully guiding people home under the North Star brand for decades to come.”
Coldwell Banker Realty’s Long Island operations accounted for more than $1.7 billion in closed sales volume and closed 3,255 transaction sides in 2020. At the time of the acquisition, the Coldwell Banker Realty Long Island operation will have 13 offices and more than 715 affiliated independent sales associates.
In 2020, Century 21 American Homes closed 1,885 transaction sides worth more than $947 million in total sales volume. The company has 10 offices and more than 650 affiliated independent sales professionals.