December 16, 2008 // Franchising.com // PARSIPPANY, N.J. -- Sotheby's International Realty Affiliates LLC today announced that Classic Realty Group in New Jersey has joined its luxury real estate network, merging with Prominent Properties Sotheby's International Realty to create a 10-office, 350-agent operation that will serve New Jersey's Bergen, Hudson, Passaic and Morris Counties under the Prominent Properties Sotheby's International Realty name.
The former Classic Realty Group is owned by Charles Oppler, who will serve as chief executive officer for the newly-combined company, and Randy Lyn Ketive, who will be president. Dennis McCormack and Keith Alliotts, prior owners of Prominent Properties Sotheby's International Realty, will serve on the new company's management team as senior vice presidents.
"Classic Realty Group and Prominent Properties Sotheby's International Realty are two high-quality companies with a tremendous reputation for providing quality service," said Michael R. Good, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "The combination of these two organizations will create a very powerful footprint for our brand in New Jersey's luxury real estate market."
The firm's headquarters will be located at 90 County Road in Tenafly, with additional offices in Alpine, Saddle River, Franklin Lakes, Hoboken, Basking Ridge, Fort Lee and Wyckoff.
"This is a very significant move for the luxury real estate community in New Jersey as it unites two successful companies with more than $800 million in combined sales volume last year," said Oppler. "It effectively leverages the talents of our combined management and sales teams, which are made up of many of the area's top agents, to provide an unparalleled experience for our clients. This is a joint effort to serve northern New Jersey's luxury real estate consumers with an even higher level of service."
McCormack believes the union creates a powerful option for the market's customers. "We are pleased to combine forces to better service the greater Northern New Jersey real estate market," he said. "The Sotheby's International Realty® brand has been a powerful force for us and our clients in successfully marketing the finest properties in our geographic region for more than a decade."
The Sotheby's International Realty network currently has more than 10,500 sales associates located in more than 500 offices in 38 countries and territories worldwide. Prominent Properties Sotheby's International Realty listings will be marketed on the sothebysrealty.com global Web site. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs.
Prominent Sotheby's International Realty's main office can be reached at (201) 541-0200.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a full franchise system by Realogy's subsidiary, Sotheby's International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby's auction house, established in 1744.