Skip to main content

Dottie Herman cashes out at Douglas Elliman

The holding corporation that owns one of the country’s largest tobacco manufacturers now controls 100 percent of Douglas Elliman, the company announced Monday.

Dottie Herman.

Douglas Elliman CEO Dottie Herman unloaded her remaining 29.4 percent stake in the company to Vector Group, which already owned 71.6 percent of the brokerage. Herman sold her shares for $10 million up front and $30 million to be paid in 12 quarterly payments according to an SEC filing.

Founded in New York City 108 years ago, Douglas Elliman, until now one of the few large real estate companies owned by a woman, ranked third among real estate brokerages nationwide for transaction volume as recently as 2017, according to the Real Trends 500.

Howard Lorber, the president and CEO of Vector Group and chairman of Douglas Elliman, acquired the company in December 2013 with Herman.

“[Herman] 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,” Lorber said, in a statement. “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.”

Two minutes of coaching that can mean everything to your 2019

Tom Ferry boils down his best advice to ensure success in the new year READ MORE

Vector Group also owns Liggett Vector Brands, one of the nation’s largest tobacco manufacturers.

Herman will continue as CEO of Douglas Elliman, which currently boasts approximately 7,000 agents in 113 offices mostly focused on the East and West coasts. Douglas Elliman agents closed $24.5 billion in transaction volume in 2017.

“I couldn’t be more proud of the company that [Lorber] and I created,” Herman said.

Email Patrick Kearns


Dottie Herman cashes out at Douglas Elliman curated from Inman

Comments

Post a Comment

Popular posts from this blog

Vacation rental company Vacasa buys Sterling Resorts

Vacation rental management tech startup  Vacasa  isn’t slowing down its ambitions to conquer the market: this week, it announced that it has purchased Sterling Resorts, a vacation management company on Florida’s Gulf Coast. Sterling has changed hands before: it was  bought by Pacifica Companies in 2015 and currently manages 450 homes. Now it will become a part of Vacasa’s effort to expand its presence in vacation destinations such as northern Florida, where Sterling is based. At the time of this latest purchase, Sterling’s home inventory was  down from 585 properties in 2015. Vacasa has raised more than $200 million since its launch ten years ago. Founder Eric Breon said he was motivated to start the company after struggling to find a satisfactory management solution for a cabin belonging to his wife’s family on the Washington coast. Now Vacasa seeks to provide rental property owners with “a seamless experience…through innovative technology and local staf...
Post a Comment
Read more

In An Era Of WeWork, Co-Working Space NeueHouse Sits Above The Fray

NeueHouse CEO Josh Wyatt Seuss Moments In today’s cluttered co-working landscape, it can be hard for companies to makes themselves heard over the din. Elevated co-working space  NeueHouse  wants to create an unparalleled experience for creatives through elevated programming and outstanding design. NeueHouse describes itself as “ a private cultural and collaborative space for prominent creatives, artists and entrepreneurs,” with current locations in Los Angeles and New York. In November, following an announcement of $30 million in funding , the company announced Josh Wyatt as its new CEO. Wyatt is a veteran of the hospitality industry, having co-founded Generator  in 2007, a chain of culture-focused hostels targeted at millennials, before moving on to Equinox to head the fitness brand’s hotel developments in New York City. Forbes interviewed Wyatt to talk about creativity, design, the gun threat incident at NeueHouse New York, and why he i...
Post a Comment
Read more

Could Ken Griffin's Penthouse Purchase Cost NYC Real Estate Buyers Millions?

'The Billionaire's Bunker' at 220 Central Park South is pictured on January 24, 2019, in New York - Hedge fund billionaire Ken Griffin has completed the purchase of a four-story penthouse in the building for $238 millionm- the most ever paid for a home in the US. The building is a residential skyscraper that is currently under construction. (Photo credit: TIMOTHY A. CLARY/AFP/Getty Images) Getty A 2014 bill that aims to impose an additional tax on part-time New York residents—dubbed the “pied-a-terre tax”—has risen from the dead, largely in thanks to the recent record-breaking Central Park penthouse purchase by billionaire Ken Griffin. Griffin, worth an estimated $11.7 billion and No. 45 on the Forbes 400 , reportedly bought the $238 million-dollar apartment “as a place to stay when he’s in town,” according to his representatives. The purchase drew widespread attention to the financial losses that part-time and foreign property owners can cause the city. Bec...
Post a Comment
Read more