Chelsea is one of those communities where a brokerage’s place in the home sales hierarchy depends on how much it does in new developments.
Just 20 percent of Chelsea’s sales came from sponsors last year, but the shiny new units accounted for almost 40 percent of the $2 billion in sales — the two companies accounted for 64 percent of that business.
Douglas Elliman sold more than $253 million worth of new developments in Chelsea last year, followed by nearly $245 million in sponsorship sales from the Corcoran Group. That puts the two companies at the top of the overall sales chart with sales of $510 million and $444 million, respectively.
But looking at resales alone — accounting for 62 percent of 2022 spending — Compass is the clear leader at Chelsea, with more than $326 million, ahead of Elliman’s $257 million in resales and Corcoran’s nearly $200 million.
To measure brokerage firms’ share of the Chelsea market, TRD has drawn on a dataset of 58,000 transactions from 2022 in our citywide brokerage rankings and created separate rankings for resales and new developments. On a percentage basis, resale commissions are usually higher.
Behind Compass, Elliman and Corcoran in the resale rankings were Brown Harris Stevens, fourth with $94 million in sales, and Sotheby’s International Realty, with more than $60 million in sales.
Of the 206 new development deals in Chelsea last year, only 63 were done by firms other than Elliman and Corcoran. CORE sold nearly half of the rest — ranking third with nearly $152 million in sales. Resale leader Compass was fourth among new developments with nearly $53 million in sales, and Serhant rounded out the top five with $15 million.
Just seven companies sold new developments in Chelsea last year.
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