H
oward Hanna has officially entered Manhattan after acquiring Elegran Real Estate, a 17‑year‑old brokerage founded by CEO Michael Rossi. The Midtown‑based firm will now operate as Howard Hanna Elegran.
The move follows Howard Hanna’s recent push into the outer boroughs and New York City suburbs, where CEO Hoby Hanna has been scouting opportunities to establish a Manhattan presence. Elegran, which ranked 15th in The Real Deal’s latest Manhattan brokerages list with $118 million in sales, was described by Hanna as “a great company to give us entrée and use as a springboard.” He added that he and Rossi had discussed a partnership years ago, but the timing had not yet aligned. Rossi returned in the spring and the deal was sealed.
Details such as the purchase price remain confidential, as Elegran’s spokesperson declined to disclose them. The brokerage already operates offices in the Bronx and Queens. Howard Hanna’s earlier acquisition of Long Island’s Coach Realtors in 2023, and the subsequent purchase of Marquee Realty, expanded its reach to Astoria.
Elegran’s 157 agents will join Howard Hanna’s network of 3,500 agents across the tri‑state area. The firm began operating in New York state a decade ago and has grown to become the state’s largest in both agent headcount and transaction volume, according to a press release.
Rossi will stay on as executive vice president, focusing on growth and development in New York City, working alongside Matt Rand, the regional president. He noted that post‑class action lawsuits and the FARE Act make it difficult for independent firms to thrive, but the current wave of consolidation—highlighted by the Compass‑Anywhere merger—made the timing ideal. Rossi joked that knowing about the Compass deal earlier would have made him feel “the smartest guy in the world.”
Both Rossi and Hanna view consolidation as a strategic advantage. Hanna praised Howard Hanna’s nimbleness and flexibility, qualities that attract agents and brokerages seeking an alternative to large corporate structures. Rossi echoed this sentiment, comparing the market to a refrigerator stocked with Pepsi and Coke, where consumers need choice.
The acquisition followed Elegran’s termination of its licensing agreement with Forbes Global Properties earlier this year, which sparked speculation about a takeover. Howard Hanna emerged as the likely frontrunner. Rossi confirmed that Elegran was no longer part of the Forbes network and was exploring a new collaboration, though he withheld further details.
Agent turnover has been modest. Managing director Jared Antin left for Brown Harris Stevens, and the Asset Advisory Team and Waterview Advisory Group joined Coldwell Banker Warburg. Rossi said only three revenue‑generating agents departed, and that retention during the transition has been “industry standard” and, in fact, “incredible.”
