The Real Deal New York

Terra Holdings purchases Penmark

November 05, 2009 01:46PM

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Arthur Zeckendorf, one of four Terra Holdings co-chairmen; Terra headquarters at 770 Lexington Ave. (Photo source: PropertyShark)

Terra Holdings, owner of Brown Harris Stevens and Halstead Property, has purchased Penmark Realty, one of the city’s top property management firms, for an undisclosed amount, according to the New York Post. Penmark had contracts to manage roughly 80 New York City buildings, including all of Extell’s, which Terra will oversee under the new name Penmark-Halstead Management. Prudential Douglas Elliman was also approached about a potential Penmark acquisition, said Howard Lorber, chairman of Elliman, but declined because it feared taking on the liability of a company already plagued by lawsuits. Penmark will soon operate out of Terra’s 770 Lexington Avenue headquarters at 60th Street. [Post]

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