CORE becomes latest NY resi brokerage to expand into South Florida

Founder and CEO Shaun Osher to reveal plans for other markets this quarter

New York /
Jan.January 14, 2020 05:25 PM
Shaun Osher, CORE CEO (Credit: Getty Images and iStock)

Shaun Osher, CORE CEO (Credit: Getty Images and iStock)

Boutique residential brokerage CORE is heading to the beaches of South Florida, where competition continues to grow fiercer.

The brokerage, which is 50 percent owned by Related Companies, is expanding into new markets including Florida, CORE’s founder and CEO Shaun Osher confirmed.

He said that the expansion has been in the works for about five years and was prompted after the firm won several new development projects outside New York City.

Hints of CORE’s new ventures began appearing on Osher’s personal Instagram account in October when he posted a photo of himself during a site visit in Miami along with the caption “What’s behind door No. 1? We’ll show you soon.”

A month later, another not-so-subtle post on Osher’s account told followers that CORE was working on a project in New Jersey. And in early January, CORE announced that it would be producing quarterly reports on Miami’s new development market.

Though Osher was tight-lipped on details, he said CORE’s services would be consistent with the firm’s offerings in New York City.

“We’ve waited for the right opportunities. We’re not a company that’s all things to everyone,” he said.

Osher declined to elaborate on forthcoming projects, clients and new markets. He also declined to say if CORE would hire agents and staff those new markets, or if offices had yet been established. He said he would announce more details about the expansion later this quarter.

CORE is among the better-known boutique Manhattan brokerages that specialize in selling luxury condo product. CORE was ranked ninth on The Real Deal’s annual brokerage ranking in 2019, with nearly $450 million in closed sales in Manhattan.

The move comes amid a softening luxury market and an outflow of wealthy residents and real estate investors, often to lower-tax states such as Florida. But Osher denied CORE’s expansion is motivated by these conditions.

“We’ve been approached over the course of the past five years by developers, national developers,” he said. “It wasn’t necessarily a byproduct of people moving in and out of the city of New York.”

It’s a crowded new development marketing field in South Florida. New York rival Douglas Elliman already has a strong foothold in the market, and One Sotheby’s International Realty and Fortune International Group are among the new dev top firms. Venture-backed Compass, Brown Harris Stevens and the Corcoran Group are also vying for a piece of the action, but haven’t achieved that level kind of volume.

Write to Erin Hudson at [email protected]


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Vornado Realty Trust’s Steve Roth,  Daryl Roth and Related Companies CEO Stephen Ross (Getty)
Steven Roth’s wife bets $500K on McGuire for mayor
Steven Roth’s wife bets $500K on McGuire for mayor
Democrat James Gennaro won the City Council election against Moumita Ahmed. (Facebook via Gennaro, Twitter via Ahmed)
Real estate helps moderate crush socialist in City Council race
Real estate helps moderate crush socialist in City Council race
70 Vestry Street and 1010 Park Avenue (Google Maps, iStock)
Tribeca condo with bumped-up asking price tops Manhattan contracts
Tribeca condo with bumped-up asking price tops Manhattan contracts
 Jeff Blau and One Ocean (Getty)
Related Cos. CEO Jeff Blau sells Miami Beach condo
Related Cos. CEO Jeff Blau sells Miami Beach condo
Phillips Point office towers with Related's Stephen Ross (JLL, Getty)
Related makes big bet on South Florida office market
Related makes big bet on South Florida office market
Clockwise from left: Richard LeFrak, Related chairman Stephen Ross, A&E's Douglas Eisenberg, Cammeby’s International Group founder Rubin Schron and Blackstone president Jonathan Gray (Getty, iStock)
These are NYC’s largest rental landlords of 2020
These are NYC’s largest rental landlords of 2020
Renderings of the "city within a city" concept outside central London. (Brent Cross Town)
Related is all in on “15-minute city” in London
Related is all in on “15-minute city” in London
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...