Terra Holdings purchases Penmark

November 05, 2009 02:00PM

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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]

Tags: 770 lexington avenue Howard Lorber brown harris stevens extell halstead property penmark realty penmark-halstead management prudential douglas elliman terra holdings

Comments

A Real Partner

I wonder if good buddy Kent played a role in the deal? He probably didn't get involved in any of the collateral negotiations though.

Comment #1 Posted By: A Real Partner 11/05/09

Anonymous

Nice deal for Kent. The good guys always come back on top.

Comment #2 Posted By: Anonymous 11/05/09

Golden Boy

Sure got that right, another nice deal for Kent. The man has the midas touch!

Comment #3 Posted By: Golden Boy 11/05/09

Anonymous

Wow, Kent's on a roll! How does he do it?

Comment #4 Posted By: Anonymous 11/05/09

Anonymous

Swig is probably being wiped out of terra through capital calls on these deals. They are trying to squeeze him out out bozos

Comment #5 Posted By: Anonymous 11/05/09

Anonymous

I would guess he will be forced to give up whatever, if any interest he still has at Terra.

Comment #6 Posted By: Anonymous 11/05/09

Anonymous

Penmark is the worst Management Company on earth. I had many dealings with them and they are totally unreliable and inefficient. I hope Terra did not overpay....

Comment #7 Posted By: Anonymous 11/13/09

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