Owners of Brown Harris Stevens to buy Halstead Properties.

The Halstead Property Company, a residential real estate brokerage firm, has entered into a contract to be acquired by BHS Halstead, LLC, a company principally owned by David A. Burns, Kent M. Swig, William Lie Zeckendorf, Arthur W. Zeckendorf, and limited member Allied Partners, which is headed by Eric Hadar. Messrs. Burns, Swig, the Zeckendorf brothers, and Allied Partners also own Brown Harris Stevens, one of the oldest real estate brokerage and management firms in Manhattan, as well as Feathered Nest, one of the largest residential rental brokerage firms in Manhattan. The acquisition will cause Brown Harris Stevens and its affiliates to become the second largest residential real estate brokerage firm in Manhattan, and the largest in private hands.

The Halstead Property Company will retain its name and will operate independently of other brokerage firms owned by the principals of Brown Harris Stevens. Clark Halstead will keep the title of chairman and founder of The Halstead Property Company and will continue as its active manager. Since its founding in 1984, Clark Halstead and a group of passive venture partners have owned The Halstead Property Company.

"Halstead is one of the premiere brands in New York residential real estate, and we're delighted to have the power and prestige that the brand carries in the marketplace," said Arthur and William Lie Zeckendorf. "New York real estate brokerage is a highly competitive field, in which size matters. The addition of the power and size that The Halstead Property Company brings to our existing brokerage endeavors will also provide us with improved geographic and price level coverage and marketing presence. This is a strategic move for us that will help ensure our customers are the best served in Manhattan."

"This purchase by the owners of Brown Harris Stevens allows us to pursue the growth that's necessary for us to remain one of the premiere brands in Manhattan," said Clark Halstead. "It's absolutely critical today for our business to be owned by individuals who are financially strong and growth-minded, as well as sophisticated and deeply experienced real estate professionals."