Douglas Elliman Real Estate has announced the acquisition of Sagaponack-based real estate company McCoy & McCoy. Led by William McCoy, the 46-year-old brokerage will be absorbed into the daily operations of Douglas Elliman’s East End business.
As part of Elliman’s continuing growth strategy in luxury markets, the acquisition adds the only real estate office in Sagaponack, which has a median sale price of $8.5 million (according to PropertyShark.com)—making it America’s most expensive ZIP code. Douglas Elliman’s national network includes some 6,000 professionals across more than 80 offices.
“As a leader in East End real estate for the past 20 years, we are absolutely thrilled to further expand our reach and commitment to the Hamptons by opening a new office in Sagaponack,” Douglas Elliman President and CEO Dottie Herman says. “It is a terrific opportunity because Douglas Elliman will be the only brokerage in this very special and coveted locale.”
Lifelong East End resident and Elliman’s Executive Manager of Sales for the Hamptons, Paul Brennan, notes that the buy is a “strategic win,” and said he jumped at the chance when McCoy, a Sagaponack native, offered Elliman his practice. “It’s a smart move and one that was too good to pass up,” Brennan says. “Especially given the office’s location in Sagaponack and Mr. McCoy’s solid reputation.”
McCoy—who is also a former Southampton Town Justice, Assessor and Councilman—will stay on as an Elliman broker. “We’re excited to make a go of it,” he says, explaining that joining forces with Douglas Elliman would benefit his firm, its employees and clients. “We have the same values—live a good life, help people along the way and get the best returns.”
The new Douglas Elliman office is located at 2987 Montauk Highway in Sagaponack.