Elliman takes in Weichert branch on Long Island
A former franchise owner has decided to join forces with Prudential Douglas Elliman, expanding one of the real estate giant’s Suffolk County offices by 15 people. John Petsco, a former franchise owner of Weichert Realtors, which has 500 company-owned and franchise offices nationwide, has moved his office in Port Jefferson, Long Island, to Elliman’s nearby office in Miller Place. The move comes six months before Petsco’s five-year franchise contract was up. Petsco is now an Elliman broker.
Apollo Real Estate changes name
Apollo Real Estate Advisors announced recently the company is changing its name to AREA Property Partners to formalize its independence from the partnership that founded the firm 15 years ago. The name change was made official through an agreement between Apollo Global Management and AREA, which was launched in 1993 by Apollo Global founders William Mack and Leon Black. AREA was directly affiliated with Apollo Global until 2000, when the company began operating as an independent real estate fund manager.
Cushman & Wakefield forms resolution group
Cushman & Wakefield announced last month the formation of its resolution group, an interdisciplinary team of real estate investment and management professionals from across the country, to help property owners and investors navigate the financial crisis. The division will offer financial analysis, valuation, leasing, property and project management, investment sales, loan sales, debt and equity finance and litigation support.
Highline 519 construction manager expands operations
The city’s construction slowdown has prompted construction management firm Leeds United Construction to expand its operations to include office, retail and infrastructure projects. Company president Paul Bonnar said Leeds United is in discussions with owners of retail and commercial projects. The company, which previously only dealt with residential buildings, recently completed developer Sleepy Hudson’s luxury building Highline 519 at 519 West 23rd Street and is working on Five Franklin Place in Tribeca.
Compiled by Linden Lim