Thanksgiving may be awkward this year for Douglas Elliman CEO Dottie Herman.
Herman’s brother Ed D’Ambrosio, a longtime sales manager for Elliman on Long Island, has left the firm to join Compass, sources told The Real Deal.
D’Ambrosio, who has been in the business for 30 years, oversaw several Elliman offices as executive sales director for Long Island’s North Shore, according to his bio. He’ll initially work out of Compass’ Hamptons office and, once his noncompete expires, work in both Nassau and Suffolk counties.
D’Ambrosio confirmed his move. An Elliman spokesperson wished him “all the best in his next endeavor.”
After purchasing Prudential Long Island Realty in 1989, Herman teamed up with Howard Lorber to buy Douglas Elliman from Insignia Financial Group for $72 million in 2003. In 2008, she sold her stake in the residential brokerage for $40 million to Elliman’s parent company Vector Group, but retained the CEO title.
With 7,000 agents nationwide, Elliman notched $28.7 billion in sales last year, according to data firm Real Trends. Despite trimming $20 million in costs, the firm reported a net loss of $5 million during the second quarter of 2020. Revenue plunged 45 percent year-over-year to $132.9 million as the firm was impacted by Covid-19.
Compass was also hurt by the pandemic; the firm laid off 15 percent of its staff in April. But the company said it’s seen a quicker-than-expected rebound, with record revenue in June, July and August.
Backed by SoftBank, Compass has grown exponentially since launching in New York City in 2012, and now has 18,000 agents nationwide. It was valued at $6.4 billion following a funding round in July 2019. Last year, it did $91.3 billion in sales, according to Real Trends.
The firm has set its sights on Long Island’s North Shore, where Elliman has a strong presence. Among its early hires were Nicholas Colombos and Angela Dooley.