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Charles Greenthal sold.

Coldwell Banker Hunt Kennedy announced the acquisition of the residential sales division of Charles H. Greenthal, which will create one of the largest residential real estate brokerage firms in Manhattan. Terms of the transaction were not disclosed.

Coldwell Banker Hunt Kennedy, founded a little more than five years ago, has grown at an average compound growth rate of 34%.

Charles H. Greenthal, a family-owned and operated property management, brokerage, and real estate leasing firm, is one of the largest privately owned residential management and leasing firms in the New York Metropolitan area. William West, chairman of the Charles H. Greenthal Group will retain ownership of the

Greenthal Management Corporation and its other subsidiaries.

David M. Michonski, xhairman of RealShare (Coldwell Banker Hunt Kennedy's parent company) and CEO of Coldwell Banker Hunt Kennedy and William West have created a close working relationship between the Greenthal management arm and Coldwell Banker Hunt Kennedy.

William West said, "This is a wonderful day for both our agents and our management company. Combining the marketing reach of Coldwell Banker Hunt Kennedy with our property management talent will allow each of us to excel at what we do best."

West will join the board of directors of RealShare and will be a liaison between the management and marketing companies.

"There's great synergy here", said JoAnne Kennedy, co-president of Coldwell Banker Hunt Kennedy. "We look forward to having the, Greenthal agents as part of our family', They are outstanding agents with much to offer and we can provide the added Coldwell Banker Hunt Kennedy benefits that will help them and their clients."

Coldwell Banker Hunt Kennedy will now have more than 250 agents in five offices, with close to one billion dollars in annual sales volume. The firm was recently named by RealTrends, (an industry tracking firm), the 435th largest real estate brokerage firm in America, and Coldwell Banker named the franchise the 33rd largest Coldwell Banker franchise in the world out of 1,200 internationally.

In 1996, Coldwell Banker pioneered an original form of agent ownership. In an industry owned by large real estate families or tightly controlled groups, Coldwell Banker Hunt Kennedy opened up ownership to its agents, Coldwell Banker national agents, and private investors. Today, the firm has more than 100 owner/investors, of which more than half are their own agents. In addition, CBHK initiated an annual stock option program which grants its top real estate agents stock options for outstanding performance.

According to Michonski, who created the concept, "everyone is tied to our values and contributes to our growth. It builds a real team spirit of 'all for one and one for all' and makes CBHK a great place to work. Our ability to attract top sales professionals to this concept and this kind of environment is a primary cause of our rapid growth."
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Title Annotation:acquired by Coldwell Banker Hunt Kennedy
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Aug 13, 2003
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