Will Elliman’s spending spree pay off?

The mega firm is pouring ‘tens of millions’ into an unprecedented marketing and national expansion effort as pushes into a handful of wealthy U.S. cities

Feb.February 02, 2016 01:30 PM

From the New York February issueTaylor Swift, Ben Stiller, supermodel Kate Upton and, of course, Spike Lee have all had courtside seats for the New York Knicks this season to bear witness to the 7-foot-tall Latvian rookie sensation Kristaps Porzingis sinking shots.

And on many game nights, Howard Lorber, the 67-year-old chairman of the mega brokerage Douglas Elliman, can be found next to that “Celebrity Row” stretch, sitting directly below the hoop.

That’s because last year, Elliman entered into a multi-year sponsorship deal with Madison Square Garden for the right to slap its grey-and-blue logo on an entire row of courtside seats at the arena. The deal also gives Elliman exclusive branding rights for the VIP lounge and a presence on the Knicks’ website, showcasing pictures of celebrities in “Elliman’s row,” where tickets typically go for upwards of $5,000 a pop.

Elliman declined to comment on the dollar value of the deal, but sources pegged it at several million dollars a year.

While the MSG deal might be considered a bold move on its own, it’s just one piece of a new marketing push by Elliman, which in the last two years has aggressively expanded into some of the wealthiest markets in the U.S., including Aspen, Los Angeles and Greenwich. [more]

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