Real Estate News
April 27, 2004

PRUDENTIAL DOUGLAS ELLIMAN ACQUIRES
GOODSTEIN REALTY

By Beth Bresnahan

RISMEDIA, April 7-Prudential Douglas Elliman has acquired the New York-based residential real estate firm Goodstein Realty. Dottie Herman, CEO
of Prudential Douglas Elliman, will oversee operations in Manhattan and
Long Island.

With this announcement, Prudential Douglas Elliman will add offices in
Great Neck and Roslyn, New York, to its existent 53 offices that stretch from Manhattan to Montauk. The addition of these four offices will consolidate Prudential Douglas Elliman’s presence over the entire North Shore of Long Island, the company says.

“I am pleased and proud to welcome the Goodstein Realty agents to our family,” said Dottie Herman, CEO of Prudential Douglas Elliman. “Goodstein Realty has stood for honesty, integrity and ethics for over 77 years and their dedication to providing the ultimate real estate experience for their customers is a natural fit for us.”

Goodstein Realty is a third generation family owned and operated boutique firm with a presence in residential sales, rentals, marketing, construction and development. The firm has over 145 agents and 5 offices and accounted for a total closed sales volume of $355 million in 2003.

Esther Muller, president and CEO of Esther Muller Consultants, was instrumental in the initiation of this merger. Muller said, “This is an excellent union that will benefit both organizations as well as their clients.”

“The sale of our brokerage division will allow us to refocus operations to the development side of the company,” said Ivan Goodstein, CEO and president of Goodstein Development. “This alliance with Prudential Douglas Elliman will allow greater opportunity for synergies between two industry leaders of residential real estate development and management.”

For more information, visit http://www.douglaselliman.com