fast, and he felt responsible for the management team he’d had in place for years.
After 24 hours of silence between them, the pair had to attend an industry event together. As they walked to the venue together, they began to hash out their differences. She began to cry. And then, so did he.
“We both got very emotional,” he told The Real Deal. “I had this moment of revelation that I had to stop being so anxious about things changing and letting go of some of my power. The only way this was going to work was if I really, in my heart, acknowledged the enormous contribution that she was able to make and then let her make it.”
“It was me embracing the fact that we were going to be partners,” he added.
Today, with 127 agents and about $256 million in current listings as of March 27, Warburg looks very different than it did a year ago, largely due to a Clelia-engineered overhaul.
“I’d like to see us effectively double the size of the company within the next five years, both by number of agents and by revenue,” Clelia said. “We’re in a very privileged position we’re not forced to grow or die. Some of our very growth-oriented competitors are not that fortunate. We could stay exactly the same size and be totally fine and happy, but we see opportunity.”
Frederick owns 51 percent of the company, with the rest being held by brokers Jane Bayard, Linda Reiner, Lisa Deslauriers, Bonnie Chajet, Ronnie Lane, Wendy Greenbaum, Jane Andrews and Judith Thorn.
Clelia was named president of the firm last month, responsible for the company’s overall strategic vision, while Frederick remains CEO, handling the firm’s day-to-day deal-making activities. The firm’s four offices all have new sales directors. Warburg is also completely rebranded, with a new logo, marketing materials and a major website upgrade, all spearheaded by design firm Mucca, which designs Keith McNally restaurants such as Pastis and Balthazar. It’s even opened a small office in a co-working space in Brooklyn, a remarkable turn for a firm that made its bones selling grand prewar apartments on Central Park West and Fifth Avenue.
“They’re trying to show that they’re more cutting edge,” said Olshan Realty’s Donna Olshan. “It’s all about branding and trying to look a little edgier.”
Warburg will soon announce several new initiatives, including a partnership with Barnes International, a luxury brokerage active in London and Paris. It plans on establishing a “French desk,” which will service French-speaking referral clients and present New York properties to Barnes’ clientele. It’s also partnering with Palm Beach-based brokerage the Fite Group for referrals to and from Florida. In this, Warburg is mimicking what many of its competitors, including Douglas Elliman, the Corcoran Group and Town Residential, have done over the last two years.
In addition, the brokerage plans to release several new reports in partnership with wealth intelligence platform Wealth-X, which will track spending habits of the super-rich. Elliman partnered with Knight Frank on a similar initiative, the global wealth report.
The restructuring was far from bloodless: Several top executives have left the firm, including sales directors Robert Doernberg and Jane Bayard, as well as Michael Guerra , an Elliman veteran who Warburg recruited last April to lead its Brooklyn push. On the broker side, Richard Steinberg, formerly Warburg’s top producer, moved to Elliman last year amid the shake-up, though he said his move wasn’t a result of the changes. And Miles Chapin, who was the firm’s third-highest producer last year, is now at Brown Harris Stevens. Top producers Maria Diaou, 阿拉爱上海同城