From left: Mort Zuckerman, Susan Breitenbach, Aby Rosen and Billy Macklowe
From Apollo Global Management head Leon Black to Boston Properties boss Mort Zuckerman, the New York City real estate industry is a critical component to the East End scene. In fact, no fewer than 14 of the 100 most powerful people to descend upon the Hamptons this summer, as compiled by Hamptons magazine, are members of the industry. [more]
From left: Rick Rosa, manager of the forthcoming LIC office, 47-37 Vernon Boulevard, Adrian Lupu, manager of NestSeekers' LIC office and Modern Spaces CEO Eric Benaim
In beating the other major Manhattan brokerages to Long Island City, Prudential Douglas Elliman says it’s ahead of the curve, but at least one existing firm in the area said the brokerage behemoth is already too late.
Elliman announced Wednesday it would be joining a burgeoning real estate row on Vernon Boulevard in LIC, opening an office at 47-37 Vernon Boulevard, directly across the street from a Modern Spaces outpost that is situated next door to a NestSeekers International location. [more]
Prudential Douglas Elliman Chairman Howard Lorber and President and CEO Dottie Herman
The city’s largest residential brokerage firm, Prudential Douglas Elliman, could drop “Prudential” from its name and leave the global network if it cannot hammer out a new franchise agreement to replace one that expires in about a year, Dottie Herman CEO of the residential firm, told The Real Deal.
Top executives at Elliman are scheduled to meet this month with a division of the Canadian conglomerate Brookfield Asset Management to discuss the future of its license agreement for the name Prudential, Herman CEO said. [more]
From left, Prudential Douglas Elliman’s Dottie Herman, Halstead Property’s Greg Heym and the Corcoran Group’s Pamela Liebman The volume of Manhattan home sales declined at least 12 percent in the fourth quarter of 2011, although prices continued to hold steady, according to quarterly reports issued today by the city’s largest residential real estate brokerages. Experts proffered a host of explanations for the drop in sales activity, from global economic chaos to low inventory levels to financing issues for buyers in the middle of the market. [more]
Compiled by Lauren Elkies
In the wake of Sandy Weill’s reported $88 million sale of his 15 Central Park West penthouse, The Real Deal wanted to touch base and see if real estate executives had any last minute predictions for the New Year since speaking with the magazine for the December residential market report.
Dottie Herman, president of Prudential Douglas Elliman, and Frederick Peters, president of Warburg Realty Partnership, said to expect 2012 to be a bit of a repeat of 2011, while developer Donald Trump said “really good real estate will have excess value.” Elizabeth Stribling, president of Stribling & Associates, predicts a “continuing strong demand for new condominium offerings all over town,” while Stuart Saft, chairman of Dewey & LeBoeuf’s global real estate department, said “the euro will continue to be in trouble causing a flight to safety to the U.S. and particularly New York City, so New York City properties will trade at even lower cap rates.” Meanwhile, Citi Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman recently told amNY that 2012 would bring more development and fewer amenities to New York City’s real estate market. [more]
Marion Hedges, an agent at Prudential Douglas Elliman, has been seriously injured after being hit by a shopping cart thrown off the fourth floor of a parking garage in East Harlem, the New York Post reported.
Hedges, who works out of Elliman’s office at 575 Madison Avenue, was hit while shopping for candy with her 14-year-old son on the ground floor of the garage and rushed to Harlem Hospital where she remains unconscious.
“It’s just her lying in a bed unconscious with 50 thousand tubes in her,” her father-in-law told the Post. “She’s stable, they’re keeping her stable and her respiratory system is functioning.” [more]
Douglas Elliman Florida CEO Vanessa GroutFrom the South Florida website: After years of sitting in the shadows, Douglas Elliman Florida is taking center stage, trying to steal some of the limelight from its New York counterpart, Prudential Douglas Elliman, also owned by Howard Lorber’s the Vector Group.
With a new website launched today, a new Facebook page with multiple listings service capabilities, key new hires and new offices, the Miami-based brokerage, which specializes in luxury properties throughout South Florida, is pulling out all the stops under the leadership of Vanessa Grout, who was appointed president and CEO in 2010 following three years as vice president of acquisitions for New Valley, the Florida real estate division of Vector.
In the short time since she took the reins, Grout has grown the Florida company’s revenue by more than 400 percent, she told The Real Deal, and has acquired three office locations in Miami including a new headquarters in the Herzog & de Meuron building at 1111 Lincoln Road. [more]
More than 250 real estate professionals joined Dottie Herman, president of Prudential Douglas Elliman, and Howard Lorber, Elliman’s chairman, at a celebration of the start of the fall sales season at the Trump Soho Hotel Condominium at 246 Spring Street (see photos above).
The guests enjoyed cocktails and hors d’oeuvres at Bar d’Eau, the seventh floor seasonal indoor-outdoor bar located alongside the luxury hotel-condo’s 6,000-square-foot outdoor pool deck, and toured the only duplex penthouse, one of 11 at the property, according to a press release from Elliman. – Miranda Neubauer [more]
Prudential Douglas Elliman CEO Dottie Herman appeared on Fox Business this week (see video above) to talk about the consistently fluctuating housing market. Reports such as the S&P/Case-Shiller Home Price Index give a view of the national as a whole, she said, but don’t reflect activity in unique markets such as New York. “You have to really look at your local market to determine what’s going on… Interest rates are the lowest they’ve been… the banks just really have to start lending,” she said. While national home prices are continuing to exhibit seasonal strength, according to the S&P/Case-Shiller Home Price Indices’ data through July, Herman said she expects the housing slump to continue for another year at least.
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Prudential Douglas Elliman is expanding its Long Island division with the opening of an office in Garden City, the residential real estate brokerage announced today. The new premises, the company’s 40th on Long Island, will be located at 753 Franklin Avenue, at the corner of Stewart Avenue. Elliman has more than 60 offices in the New York City, Long Island and the Hamptons.
The office will be operated under the leadership of real estate veterans Ed D’Ambrosio and Helena Veloso, both vice presidents at Elliman and part of the strategic management team of Long Island. “Garden City is a sought-after town to live in, known for its gorgeous residential neighborhoods… and its great proximity to five LIRR stations and New York City,” said Dottie Herman, president and CEO of Elliman. “This new office is a great opportunity for us to solidify our presence in a strong market place and I expect our agents to be very successful there.” – Katherine Clarke [more]
