Vector Group Acquires Remaining 29% Interest of Douglas Elliman Realty
December 31 2018 - 4:30PM
Business Wire
Vector Group Ltd. (NYSE:VGR) and Douglas Elliman Realty, LLC
today announced that Vector Group’s indirect wholly-owned
subsidiary has acquired the remaining 29% interest it did not own
of Douglas Elliman Realty, LLC from Douglas Elliman Chief Executive
Officer Dorothy “Dottie” Herman. Ms. Herman will continue in her
role as Chief Executive Officer of Douglas Elliman.
Howard M. Lorber, President and Chief Executive Officer of
Vector Group and Chairman of Douglas Elliman, said, “Dottie and I
couldn’t have imagined that the venture we embarked on years ago
would grow into the largest residential brokerage firm in the New
York metropolitan area. Her vision for and dedication to Douglas
Elliman have proven invaluable and have helped cement Douglas
Elliman as one of the country’s premiere brokerages. We are excited
about the next phase of Douglas Elliman’s growth, and are confident
the company is well positioned for the future.”
Dottie Herman said, “I couldn’t be more proud of the company
that Howard and I created.”
About Vector Group
Vector Group is a holding company that indirectly owns Liggett
Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC,
which indirectly owns Douglas Elliman Realty, LLC. Additional
information concerning the company is available on the Company's
website, www.VectorGroupLtd.com.
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest
brokerage in the New York Metropolitan area and the third largest
residential real estate company nationwide. With more than 7,000
agents, the company operates approximately 113 offices in New York
City, Long Island, The Hamptons, Westchester, Connecticut, New
Jersey, Florida, California, Colorado and Massachusetts. Moreover,
Douglas Elliman has a strategic global alliance with London-based
Knight Frank Residential for business in the worldwide luxury
markets spanning 60 countries and six continents. The company also
controls a portfolio of real estate services including Douglas
Elliman Development Marketing, Douglas Elliman Property Management,
Douglas Elliman Title and Douglas Elliman Commercial. For more
information on Douglas Elliman as well as expert commentary on
emerging trends in the real estate industry, please visit
elliman.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181231005114/en/
For Vector Group Ltd.Sard Verbinnen & CoEmily
Claffey/Benjamin Spicehandler/Columbia Clancy212-687-8080
For Douglas Elliman Realty, LLCStephen
Larkin917-902-2503
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