Douglas Elliman

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Douglas Elliman
Company typePublic
NYSE: DOUG
IndustryReal estate
Founded1911
Key people
Michael Liebowitz (CEO)
ParentMontauk Battery Realty
Websitewww.elliman.com

Douglas Elliman is an American real estate company.

Douglas Elliman employs more than 7,000 agents and has 113[1] offices in New York City and across the country. The company also has a number of subsidiaries related to real estate services such as Douglas Elliman Development Marketing, Douglas Elliman Property Management, DE Commercial and DE Title. The current chairman and CEO is Michael Liebowitz.[2]

History and overview

Douglas Elliman was founded in 1911, as a basement store at 421 Madison Avenue in Manhattan.[3] The company was sold to the Milstein family (Seymour Milstein and Paul Milstein) in 1989 and then again to Insignia Financial Group (now CB Richard Ellis) in 1999.[4][5]

In 2003, Insignia sold Douglas Elliman to Montauk Battery Realty, an affiliate of Vector Group's New Valley LLC subsidiary.[6]

In 2012, the company dropped "Prudential" from its name, returning to its original 1911 name.[7] It has a partnership with London-based Knight Frank LLP for residential business.[8] Douglas Elliman affiliates include DE Property Management, DE Title and DE Capital Mortgage.[9]

In December 2021 Douglas Elliman was spun off from Vector Group.[10]

Regional branches

  • Douglas Elliman New York covers the New York Metropolitan area, with 22 offices in New York City, 26 offices on Long Island, and six offices in Westchester (headquarters at 101 King Street, Chappaqua) and Connecticut (headquarters at 88 Field Point Road in Greenwich, Connecticut).[11] The company produces research on the New York City real estate market that is used to measure real estate activity by media and other organizations.[12][13] It is a member of the Real Estate Board of New York (REBNY).[14]
  • Douglas Elliman Florida has its headquarters at 1111 Lincoln Road in South Beach, Miami, one of five South Beach offices, with 14 other offices across the state.[15][16] In September 2013, Douglas Elliman named Jay Phillip Parker, a Florida attorney and real estate entrepreneur, as CEO of the Florida brokerage.[17]
  • Douglas Elliman California opened its Beverly Hills headquarters in 2015, in a building designed by Patrick Tighe. In 2017, Douglas Elliman acquired Teles Properties, a Southern California competitor. When the acquisition is complete, the combined firm will be the second-largest non-franchise residential brokerage in California based on sales volume, after Pacific Union. In 2016 Elliman and Teles had a combined sales volume of around $4 billion in California and $27.4 billion nationwide, according to Douglas Elliman. Following the acquisition, the Teles name will be dropped.[18]
  • Douglas Elliman Hamptons has headquarters at 2488 Main Street Bridgehampton, one of nine East End offices.

Notable brokers

Philanthropy

Douglas Elliman's philanthropic donations include the American Heart Association, Central Park Conservancy, the Gold Coast Film Festival, and Big Brothers Big Sisters of New York City.[20][21] In 2013, the company donated $100,000 to the Southampton Hospital Foundation.[22]

References

  1. ^ "About - Douglas Elliman". www.elliman.com.
  2. ^ "Management Team". elliman.com. Retrieved 24 October 2024.
  3. ^ "Our Heritage" (PDF). Listing Presentation: Our Heritage. 2019. Retrieved 2023-05-11.
  4. ^ "POSTINGS: Douglas Elliman Sold; Milsteins Buy Firm". The New York Times. 10 December 1989. Retrieved 21 January 2024.
  5. ^ Holusha, John (29 May 1999). "Douglas Elliman Real Estate Brokerage to Be Sold". The New York Times. Retrieved 21 January 2024.
  6. ^ "Insignia Financial Group Sells Residential Business to Montauk Battery Realty, LLC". RISMedia. March 18, 2003. Retrieved December 6, 2017.
  7. ^ "Douglas Elliman officially drops "Prudential" from brokerage name". The Real Deal. November 19, 2012. Retrieved October 20, 2013.
  8. ^ "About Knight Frank USA". Retrieved 2023-05-11.
  9. ^ "Douglas Elliman Celebrates South Florida Agents With 2012 Awards Ceremony At Cipriani". Yahoo! Finance. Archived from the original on 2013-11-04. Retrieved October 23, 2013.
  10. ^ Bojnansky, Erik (31 December 2021). "Vector Group completes Douglas Elliman spinoff". www.bizjournals.com. Retrieved 21 January 2024.
  11. ^ "Douglas Elliman Offices". Douglas Elliman Real Estate. Retrieved 25 October 2013.
  12. ^ Anuta, Joe (23 October 2013). "Luxury housing market lifts Hamptons". Crain's New York. Retrieved 29 October 2013.
  13. ^ Finn, Robin (2 October 2013). "Home Sales Rose in Tighter Manhattan Market, Report Says". The New York Times. Retrieved 27 October 2013.
  14. ^ "Member Firms". www.rebny.com. Retrieved 20 July 2017.
  15. ^ "New York Realty Giant Douglas Elliman Adds Flagship Office - Miami Today". miamitodaynews.com. 10 February 2011. Retrieved 20 July 2017.
  16. ^ "Douglas Elliman Offices in Florida". Douglas Elliman Real Estate. Retrieved 24 October 2013.
  17. ^ "Douglas Elliman Names Jay Philip Parker CEO of Florida Brokerage | MiamiUrbanist.com". Archived from the original on 2013-11-03. Retrieved 2013-10-31.
  18. ^ Khouri, Andrew (31 July 2017). "Luxury real estate brokerage Douglas Elliman to purchase Beverly Hills rival Teles". Retrieved 6 December 2017 – via LA Times.
  19. ^ "Luis D. Ortiz Joins Douglas Elliman". PR Newswire. Retrieved August 7, 2013.
  20. ^ Bernstein, Fred A. (19 May 2011). "New Brokerage Donates Portion of Fees to Charity". The New York Times. Retrieved 21 October 2013.
  21. ^ "Douglas Elliman Real Estate Sponsors Annual Gold Coast Film Festival In Support Of Local Arts And Cinema". KCTV. Archived from the original on 5 November 2013. Retrieved 21 October 2013.
  22. ^ "Douglas Elliman Donates $100K to Southampton Hospital Foundation from Sale of Former Hospital Thrift Shop". Southampton Hospital. Archived from the original on 2013-11-02. Retrieved 22 October 2013.
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