The Real Deal Miami

Douglas Elliman posts big third quarter, closed $5.2B in deals

Earnings report of parent Vector shows property market still picking up pace

November 07, 2014 05:15PM
By E.B. Solomont

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From left: Howard Lorber and Dottie Herman of Douglas Elliman and Realogy's Richard Smith

From left: Howard Lorber and Dottie Herman of Douglas Elliman and Realogy’s Richard Smith

From the New York site: Douglas Elliman announced closed deals worth $5.2 billion during the third quarter — that’s up from $4.5 billion a year earlier.

Those deals pushed Elliman’s revenue for the quarter up to $153.2 million, compared with $133.4 million last year.

Douglas Elliman — led by Chairman Howard Lorber – is benefiting from “the continuing recovery in the real estate market,” analysts from Oppenheimer & Co. wrote in a note to investors about Vector Group, the public company that is the majority owner of Douglas Elliman.

Elliman is currently an investor in 12 developments in New York and Florida, and the company made $5 million from those investments during the third quarter, according to its quarterly report.

Meanwhile, Realogy Holdings – the conglomerate whose brands include the Corcoran Group and Sotheby’s International – reported relatively flat third-quarter revenue of $1.5 billion on Wednesday. Net income for the quarter was $100 million.