Property manager AJ Clarke acquires Fenwick Keats
As seen in The Real Deal- October 2017
Deal comes two years after Fenwick shed brokerage.
Two years after shedding its brokerage business, Fenwick Keats has sold its property management arm as well. Property management company AJ Clarke has acquired Fenwick and is in the process of moving some of its employees to a new office in Midtown, representatives for both companies confirmed on Tuesday. As part of the deal, AJ Clarke will be taking over Fenwick’s 40-plus buildings in Manhattan, and five of Fenwick’s 12 employees will be moving over to AJ Clarke, said Michael Rothschild, vice president at AJ Clarke.
The company, which is currently located at 1881 Broadway, plans to move to its new office on the seventh floor of 250 West 57th Street by the end of the year, Rothschild said.
The two companies have known each other for at least 25 years, Fenwick CEO and founder Rob Anzalone said. At one point, AJ Clarke was the property manager at Fenwick’s office at 401 West End Avenue. The two businesses both focus on small and mid-sized buildings in Manhattan, so they felt the acquisition was a good fit. “We weren’t actively looking for buyers,” Anzalone said. “But we thought it was a good move for both companies.”
Anzalone said he isn’t joining AJ Clarke at its new office but will act as a consultant for the company. He and Rothschild declined to disclose the value of the deal.
In 2015, Fenwick sold its boutique brokerage business to Sotheby’s International Realty. At the time, Fenwick had 77 agents who were handling several ultra-luxury listings. The property management arm continued as an independent business.
AJ Clarke, which was founded in 1943, oversees more than 5,000 units in Manhattan.
Ashley McHugh-Chiappone contributed to this report.