COMPASS SELECTS PARAMOUNT REALTY USA AS AUCTION PARTNER

Alliance Enables COMPASS' Agents to Offer Auction Services to Clients

NEW YORK, Jan. 9, 2024 /PRNewswire/ -- Paramount Realty USA ("Paramount"), a prominent national auction house based in New York, announced that COMPASS, a full-service national real estate brokerage firm, has selected Paramount as auction vendor for COMPASS agents and their seller-clients nationally. Through the alliance with Paramount, COMPASS' agents can offer auction services to their clients across the country.

Leonard Steinberg, Chief Evangelist and Corporate Broker of COMPASS, said "an auction is an effective way to instill urgency into the sale process for certain properties." Steinberg went on to say that "I have been a supporter of an auction option for many years and am so pleased we have established a relationship with Paramount to offer auction services to our agents. It is an important marketing tool agents can use when appropriate."

"The objective of this enterprise relationship," said Misha Haghani, founder of Paramount, "is to enable COMPASS agents to leverage our auction platform on behalf of their seller-clients to reach the widest audience possible, create urgency, and maximize value on a timely basis. At the same time, our platform helps listing agents increase speed and the certainty of a sale." Paramount's platform primarily consists of sealed bid and online auctions, and, as Haghani explained, "sealed bid auctions provide sellers of luxury properties with numerous benefits that cannot be replicated by online auctions."

The collaboration will initially focus on luxury properties throughout much of the country and later expand to include all property types and price-points.

"Auctions are a popular sales and marketing strategy for property owners in Australia and elsewhere around the world," said Marc Lotzof of COMPASS, who, along with Steinberg, will serve as co-lead of the firm's auction relationship with Paramount.

Agents at COMPASS have already been leveraging Paramount's platform to auction properties throughout the country, including a $12 million penthouse in Sunny Isles, FL, a $39 million residential property in Bel Air, Los Angeles, CA, and several properties in New York City and the Hamptons. Recent Manhattan closings by Paramount and Compass include a 4-bedroom condominium at 40 East 61^st Street (December 2023, $4 million), a building on the Bowery once owned by Andy Warhol (September 2023, $3.6 million), and a townhouse in the East Village (2022, $7 million). Haghani said, "we are thrilled to expand our relationship with this leading national firm and look forward to continued success together."

About Paramount Realty USA
Paramount Realty USA is a prominent national real estate auction firm that collaborates with listing brokers and sellers to maximize value by auction. The team has marketed, sold or advised on over $2 billion of real estate and mezzanine interests throughout North America by auction. The firm has auctioned luxury, residential and commercial property for high-net-worth individuals, private equity firms, developers, family offices, lenders, government agencies, and other owners of real estate. Visit www.prusa.com for more information.

About COMPASS
Compass is the largest residential real estate brokerage in the United States by transaction volume. Founded in 2012 and based in New York City, Compass provides an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients across the US via its 28,000-plus agents in 300+ offices in 72 markets.

Contact: PRUSA (212) 867-3333

SOURCE Paramount Realty USA