Another Broker Flees the Nest, and Opens His Own Shop

Joseph DeCristofaro, founder of the Global Group

After moving on from Nest Seekers International’s Hampton’s office in November 2011, high profile agent, Joseph DeCristofaro has launched his own residential brokerage firm, called the Global Group.

Since opening its doors December 21, 2011, DeCristofaro’s Global Group has been catering to all parties across the real estate spectrum – including buyers, sellers, tenants, and landlords. Clearly keeping busy since his departure from Nest Seekers, DeCristofaro has also started LeaseHamptons.com, a separate Hamptons rental listings website.

Prior to launching these ventures DeCristofaro, joined Nest Seekers as an executive vice president in May 2011 to help run the firm’s newly acquired Southampton office. Nest Seekers poached DeCristofaro from the Corcoran Group, where he was named East End rookie of the year in 2007.

As part of Nest Seeker’s Hamptons expansion plan last spring, the firm acquired two local franchises of Engel & Volkers, a German real estate brokerage. As second-in-command, DeCristofaro was hired to manage the firms Southampton office. On the same note, former manager of Engels & Volker’s Easthampton office, Barbara Feldman was also hired as a branch manager.

Within just a few months time, by mid-November, both DeCristofaro and Feldmen had left Nest Seekers. Reportedly, their parting was far from amicable, even resulting in a heated lawsuit for DeCristofaro. Shortly after his departure, he sued Nest Seekers in New York State Supreme Court, claiming the firm had breached his employment contract and defamed him in emails to clients and statements to the real estate community.

Not the first broker to experience such turmoil at the firm, DeCristofaro claimed Nest Seekers did not honor their signed agreement, nor pay him for his efforts. After several attempts to settle, he was forced out and pursued legal action. According to court documents, on November 17 Nest Seekers was restricted from further commenting on DeCristofaro to third parties. A court date does not appear to have been set.

Meanwhile, DeCristofaro is forging ahead with his new business, which he said is handling more than $20 million in listings in the Hamptons and New York, including several development projects. He also stated that LeaseHamptons.com currently has more than 2,000 rentals on offer.

Though recruiting efforts are not formally underway, DeCristofaro said the Global Group has several Hamptons agents among its ranks and will bring on board two New York City agents in the next two weeks. According to DeCristofaro, the firm should have 50 agents working with him by the end of the year, and will be extending up to 90 percent commissions, while enabling agents to sell in both markets.

[TRD]

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