FirstService Residential Extends Market Leadership in New York City with Two Acquisitions
January 12 2023 - 7:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that FirstService Residential, the North American
property management leader, has recently acquired Charles H.
Greenthal & Co. (“Greenthal”) and Tudor Realty Services Corp.
(“Tudor”). The existing management teams of Greenthal and Tudor
will continue to oversee their respective day-to-day operations.
Terms of the transactions were not disclosed.
Founded in 1958, Greenthal is one of the largest
privately owned residential management and leasing firms in the New
York metropolitan area with more than 250 condominium, cooperative,
and rental properties under management throughout New York City,
Long Island and Westchester County.
Tudor, established in 1990 and based in New York
City, provides residential property management and brokerage
services to almost 100 cooperative and condominium properties, with
a particular expertise and well-recognized reputation in the
cooperative segment.
“New York is one of our largest markets and a
strategic growth priority for us. These two acquisitions add
attractive portfolios of marquee properties which further extend
our leadership position,” said David Diestel, CEO of FirstService
Residential. “We are excited to have Greenthal and Tudor join the
FirstService Residential family and look forward to working closely
with their teams to drive additional value to our clients and
residents throughout the New York region.”
ABOUT FIRSTSERVICE
CORPORATION
FirstService Corporation is a North
American leader in the essential outsourced property services
sector, serving its customers through two industry-leading service
platforms: FirstService Residential – North
America's largest manager of residential communities;
and FirstService Brands – one of North
America's largest providers of essential property services
delivered through individually branded franchise systems and
company-owned operations.
FirstService generates more than $3.5 billion in
annual revenues and has approximately 25,000 employees across North
America. With significant insider ownership and an experienced
management team, FirstService has a long-term track record of
creating value and superior returns for shareholders. The
Common Shares of FirstService trade on the NASDAQ and the Toronto
Stock Exchange under the symbol "FSV", and are included in the
S&P/TSX 60 Index. More information is available at
www.firstservice.com.
COMPANY CONTACT:
Jeremy
RakusinCFOFirstService
Corporation(416) 960-9566
FirstService (NASDAQ:FSV)
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