Sotheby's Expands

Sotheby's International Realty, which has offices in Southampton and East Hampton, has purchased Braverman Newbold Brennan Real Estate, which has offices in East Hampton, Sag Harbor, and Bridgehampton.

The firm has long been "interested in acquiring a company of this caliber" to strengthen its position on the East End, and Braverman Newbold Brennan "was interested and available to discuss it," said Stuart Siegel, Sotheby's president. The deal, in the works since the summer, was completed last Thursday.

Michael Braverman, who founded his company in 1978, will join Sotheby's in New York, where he will work in corporate development. Frank Newbold will manage the East Hampton office, and Paul Brennan will be in charge of the Bridgehampton office. Philip Elliot will continue to manage Sotheby's Southampton office. There will be 55 agents associated with the company.

Build Or Buy?

For the time being, the firm will maintain two offices in East Hampton, the Sotheby's office at 87 Newtown Lane and the Braverman Newbold Brennan office at 6 Main Street. Once renovations are completed at the Main Street location, the company will give up its Newtown Lane office. Braverman's Sag Harbor office will also be closed.

For Sotheby's the question was "to build or buy," according to Mr. Siegel. In acquiring Braverman it has obtained "a great team of owner managers" and a firm with a "compatible culture" and "good, visible locations," he said.

Sotheby's will now find itself in "a perfect position of strength," according to Mr. Newbold. He said Braverman had wanted "to add a Southampton office" for several years, and Sotheby's will now "get the top office in Bridgehampton."

Important Niche

With an average sales price of $1.5 million, Sotheby's has held an important niche in the high-end market. In acquiring Braverman it will increase its market base, Mr. Siegel said.

Sotheby's currently has offices in Manhattan, Greenwich, Conn., Palm Beach, and four in California, in Los Angeles, Brentwood, Beverly Hills, and San Francisco. Internationally, the company has offices in London, Paris, Sydney, Melbourne, and Hong Kong and has ties with more than 180 independent brokerages.

Sotheby's has been in the real estate business since 1976. Its well-known auction house was started in 1744.

Although Sotheby's specializes in higher-priced houses, Mr. Newbold said the company is still interested in listing houses of all price ranges. "People should not feel intimidated that we are not interested in listing their home," said Mr. Newbold.