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oward Hanna’s move into Manhattan signals a “Main Street” presence in a Wall Street arena, CEO Hoby Hanna told Real Estate News. By acquiring Elegran Real Estate—a 157‑agent boutique with about $340 million in active listings—Howard Hanna now covers the entire New York City metro area. The Pittsburgh‑based brokerage, the largest independently owned and privately held in the U.S., is positioning itself to compete with publicly traded giants such as Douglas Elliman and Compass on their own turf.

    Hanna said the purchase is part of a decade‑long expansion plan, not a knee‑jerk response to the current consolidation wave, though he anticipates further mergers in residential brokerage. “The next 18 months will be very interesting,” he noted, referencing deals like Compass’s acquisition of Anywhere. He doubts the market will shrink to just a handful of dominant players, citing the industry’s low entry barrier and persistent fragmentation.

    The acquisition reflects Howard Hanna’s strategy of building a platform for independent brokers. “We’re excited about this as a springboard into the market,” Hanna explained. “It’s likely the first of several consolidated and integrated plays we’ll pursue in the city with other like‑minded brokers.” Elegran’s entrepreneurial culture, private ownership, and full‑market coverage made it an ideal fit; the firm will be fully integrated into Howard Hanna’s brand.

    Prior to Elegran, Howard Hanna had already established a strong presence in the metro area through acquisitions of Rand Realty on Long Island and Coach Realtors. The growing volume of referrals into NYC confirmed that a Manhattan foothold was a natural next step. Hanna emphasized that the company seeks partners who align culturally and strategically, ensuring that the independent, agent‑focused model remains intact.

    Despite the rise of tech‑backed, Wall Street‑sponsored brokerages, Hanna believes real estate still retains a strong local flavor. His goal is to grow alongside other local brokers who share Howard Hanna’s principles, rather than surrendering to a few large platforms. The Elegran deal marks a significant milestone in Howard Hanna’s quest to challenge the status quo and expand its influence in the New York City market.