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New York City Power Brokers and sister companies Brown Harris Stevens and Halstead are merging under the BHS banner, according to a statement released by the firms’ parent company Thursday afternoon.

According to the statement, released by the owners of Terra Holdings, along with COO Alan Kersner, this strategic restructuring of Terra Holdings subsidiaries, “significantly expands the footprint and resources of Brown Harris Stevens residential brokerage.”

The combined sales volume of the firms last year was $9 billion, with a combined 2,500 agents and 55 offices, according to RISMedia’s Power Broker Report and BHS’s website.

The merger comes amid brokerages’ ongoing efforts to navigate and succeed through the pandemic and a luxury market slowdown that had already been emerging.

“The power of Terra Holdings working as one will further solidify Brown Harris Stevens as an unstoppable force,” said Bess Freedman, CEO of BHS. “This exciting union enables us to focus our extensive resources and forge a larger, even stronger firm to better serve our valued agents and customers in our current and expanded regions. As the real estate industry begins to reopen around the country, we are growing a company with a purposeful culture and incredible depth and breadth for the future.”

Freedman will continue to serve as CEO of Brown Harris Stevens, and will be responsible for carrying out the overall vision and day-to-day operations of the expanded brand in NYC and all territories. The senior management of both companies will remain in place, with Freedman overseeing the leadership team of Hall Willkie, President of BHS Residential Sales; Diane Ramirez, current CEO of Halstead; Richard Grossman, current President of Halstead; and Stephen Kliegerman, President of Terra Development Marketing.

Brown Harris Stevens will maintain its headquarters at 445 Park Avenue, which houses the firm’s executive departments. All territories of the firm will function as a unified entity under Brown Harris Stevens and operate over 55 offices including New York, the Tri-state area, the Hamptons, Palm Beach, Miami and other locations throughout the East Coast.

In a recent interview on Halstead’s website, Ramirez recently talked about how the company was navigating business through the coronavirus pandemic.

“We saw a strong first quarter and the real estate market, especially in New York City and the surrounding areas, was starting to make a comeback after a sluggish 2019…however, like so many other industries across the New York metro area, the COVID-19 pandemic effectively put real estate activity ‘on pause.’

“I’m cautiously optimistic,” she said about the outlook for the remainder of the year. “Just in the last week, we have seen an uptick in new listings hitting the market. We anticipate that when in-person showings can resume, there will be pent-up demand from buyers who have been stuck at home and forced to put life changes on hold.”

She also added, “I have been in this business for many years and weathered many downturns—it’s important to remember that things always turn around.”

To read Terra Holdings full statement, click here

This is a developing story. Stay tuned to RISMedia for further reporting.