Related buys stake in CORE

Sales price of the purchase of boutique brokerage has not been disclosed
October 23, 2014 03:35PM

Related Companies, one of the city’s biggest landlords, is buying a stake in CORE, a boutique residential brokerage firm.

The deal represents an “equal partnership” between Related and CORE founder and CEO Shaun Osher, according to a CORE spokesperson, who declined to go into detail about exact percentages. Midtown Equities will maintain a minority interest in CORE.  The sale price has not been disclosed, according to the New York Times.

Osher will stay on in his current position. He will work with Related on product development and sales of future development opportunities and build a customer-focused resale business around Related’s past developments, according to a press release from CORE.

“We have built so many for-sale buildings, and we still manage every single one of them,” Jeff Blau, the chief executive of Related told the newspaper. “But when it comes time for someone to move out, we can’t service them. This deal will allow us to keep our relationship with our original customers, many of whom become repeat buyers.”

CORE was one of the first brokerages to sign onto HGTV’s “Selling New York” and has brokered deals in buildings such as One Museum Mile on Fifth Avenue and Chelsea’s Walker Tower. [NYT] — Claire Moses