NRT Buys Schweppe & Co.

PARSIPPANY, NJ-NRT Corp., a subsidiary of Cendant Corp. based here, has acquired residential broker Schweppe & Co. Realtors of Upper Montclair, NJ. Terms of the deal were not disclosed. The company will operate under the banner of NRT-owned Burgdorff ERA.

Under the new arrangement, Jay Schweppe, president and CEO of Schweppe & Co., will become NRT’s vice president of strategic initiatives for the Northeast region. He will also continue to co-manage the Upper Montclair office, which will do business as Schweppe Burgdorff ERA. Denise Riordan will continue to co-manage the same office with the title of vice president.

With the acquisition, Burgdorff ERA now has 16 offices and 700 sales associates in Northern and Central New Jersey. During the past year, Burgdorf ERA and Schweppe & Co. Realtors generated a combined $2.2 billion in closed sales volume.

Besides its ERA brand, NRT also operate under the Coldwell Banker franchise affiliation.