Elliman cancels annual holiday bash
November 19, 2008 03:10PM By Marc Ferris
Dottie Herman
The party's over at residential giant Prudential Douglas Elliman.
The company has canceled its annual holiday soiree. Instead, the firm will donate funds to a charity while individual offices will still hold parties, said company President and CEO Dottie Herman.
Elliman joins the city's two top commercial brokerages, CB Richard Ellis and Cushman & Wakefield, in pulling the plug on company-wide seasonal events.
"This is the first time in the 23 years I've worked for the company that there hasn't been a holiday party," said Helene Luchnick, who helms Elliman's downtown office.
Last year, Elliman enjoyed a "banner year -- the best ever," Herman said. The company celebrated accordingly, at the swanky Pierre hotel, on Fifth Avenue at 61st Street. In 2006, the firm's gala at Cipriani at 110 East 42nd Street featured sophisticated lighting, an ice sculpture and top-shelf food and booze.
"We're in fine financial shape, but people are losing their jobs, even some here, so it's not appropriate to have a huge party," Herman said. "It's a different world today." The company will still hold its annual awards ceremonies in January, she said. Details about the job losses were not immediately available.
At Elliman, "in years past, we used to spend $100,000 on our holiday parties," said Paul Purcell, former president of Elliman, and co-founder of New York City real estate company Charles Rutenberg Realty.
The Corcoran Group celebrated in style at its 2006 holiday party, when 900 people entered a simulated Roman palace, complete with scantily clad actors in period costume. The company declined to comment on its holiday plans for this year.
The specter of the Grinch is overshadowing the season at other real estate and real estate-related companies.
One commercial broker, who asked to remain anonymous, said it was absolutely impossible to put a positive spin on the state of the market, though he'll host 40 clients and employees at a Manhattan restaurant.
Nightclub broker Alex Picken of Picken Real Estate recalled last year's party hosted by Winick Realty at Wild Salmon restaurant, complete with a DJ, food, drink and women dressed up as Santa's helpers. This year, "there's belt-tightening across the board," he said.
Public relations firm Quinn & Co., which specializes in real estate, will spend the same sum as last year -- $175 a plate -- said the company's president, Florence Quinn. This year, for the first time, the firm will gather at a client's establishment to help spread the wealth rather than spend over-the-top to hold a holiday function elsewhere.
Architect Steven Kratchman has redistributed some of his holiday party fund to support an extra week of paid vacation for his employees, yet he also plans to host dinner and drinks at a neighborhood restaurant, a format similar to previous years.
Manhattan-based law firm Herrick, Feinstein, which has a large commercial real estate practice, is also spreading cheer as a necessary investment.
"For obvious reasons we're keeping an eye on expenses, but we have no plans to diminish our social events," said Carl Schwartz, head of the firm's commercial real estate division. "They're important for internal morale, good for our clients and, ultimately, good for our business."
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Comments
Anonymous
Oh no, no party? Who is going to eat all of that shrimp?
Comment #1 Posted By: Anonymous 11/19/08
Anonymous
Money is going to charity? These are the times that you need to have a party. They are guessing half of their people won't be there by middle of January, so why feed them.
Comment #2 Posted By: Anonymous 11/19/08
Anonymous
I work at Elliman and this is the first I hear of this. I should go to more meetings.
Comment #3 Posted By: Anonymous 11/19/08
Anonymous
Charities will be even harder hit - and kudos to Dottie for keeping up with the times. The holiday spirit will reign at Elliman - and we don't need a fancy bash to show it.
Comment #4 Posted By: Anonymous 11/19/08
Anonymous
No 4... Bull crap. You guys made enough to satisfy both. I hear one of your agents has gone against a verbal agreement with a buyer at the Veneto. More to come on the 200k lye if she tries to pull a fast one. Alot more.
Comment #5 Posted By: Anonymous 11/19/08
Anonymous
Sign of times to come...I hear Elliman is fighting bankruptcy, and this could be evidence of that
Comment #6 Posted By: Anonymous 11/19/08
Anonymous
I also heard PD Elliman will be filing bankruptcy as early as January. All those brokers...where will they go?
Comment #7 Posted By: Anonymous 11/20/08
Anonymous
I have confirmation that Elliman is in talks with several attorneys re: bankrupcy. Things are not looking good!!
Comment #8 Posted By: Anonymous 11/20/08
Anonymous
What goes around, comes around!!!
Comment #9 Posted By: Anonymous 11/20/08
Anonymous
I cannot believe this... I was eating lunch in Midtown and overheard Ms. Dottie talking to another guy in which somthing was said about bankrupcy. Geez... this is really sad. PDElliman brokers should be looking out for something else -workwise.
Comment #10 Posted By: Anonymous 11/20/08
Anonymous
Thanks for the heads up. I know which Broker not to use.
Comment #11 Posted By: Anonymous 11/20/08
Anonymous
Hey Elliman Bkrs, come to us at Citi, we'll take care of you...
Comment #12 Posted By: Anonymous 11/20/08
Mike Riccio, Prudential Douglas Elliman R.E. 516-796-4000
Interesting to see all the "anonymous" posters spreading lies about Prudential. The company is strong, the agents I work with and speak with are solid, and the cancelling of the party is absolutely appropriate in light of the current economic situation. If my going without a holiday party helps feed even one more homeless/hungry person this year, I'm happy. Seems like alot of petty competitors might be posting negative things about Prudential with absolutely no evidence. Instead they take the cowardly route and post as "Anonymous". Post your name and name your sources, or else respectfully keep quiet. I wonder if YOU would be so quick to give $100,000 to charity.
Comment #13 Posted By: Mike Riccio, Prudential Douglas Elliman R.E. 516-796-4000 11/21/08
Anonymous
Mike... 100k. Thats just 1 of Dolly's deals. Pretty cheap if you ask me.
Comment #14 Posted By: Anonymous 11/21/08
Anonymous
I work at Elliman - and I can't believe that Dottie cancelled the holiday party! What a grinch! We work our butts off all year, they take half of what we make - and this is how we are rewarded? And how about NOT giving money we can't afford away to charity...because charity starts at home. We are laying off support staff (mostly single mothers, no less) - but giving away six figures to help others? C'mon Dottie...if you are going to be a tight wad and cancel our well deserved festivities - then at least don't give money away that could pay two people's salaries that you have already laid off. Not nice!
Comment #15 Posted By: Anonymous 11/26/08