New York Post
April 7, 2004
ELLIMAN ACQUIRES GOODSTEIN
By Braden Keil
Takeover fever is still running rampant in the real
estate brokerage industry.
The latest acquisition has residential real estate giant Douglas Elliman
buying Goodstein Realty, the brokerage arm of the 77-year-old family-run
Neither side of the transaction would disclose the
Dottie Herman, the CEO of Elliman and partner of
investor Howard Lorber, said the 145-agent Goodstein firm — with
$355 million in sales from its offices in Manhattan and on the north
and south shores of Long Island — will help to fill in the North
Shore gap of her company's Manhattan-to-Montauk territory.
The Goodstein brokerage operation was officially
formed in 1996, after years of listing properties of clients and friends
through its marketing department.
The sale is due primarily to the parent company's
upswing in development in Richmond, Va., and South Florida, with other
projects pending, said Goodstein President Leonard Bayer.
The two companies should also complement each other
“After we sat down with Douglas Elliman about
a month ago, we realized this was the right synergy and the right fit,”
“We market developments and they do development.
So we think that we can work well together,” Herman said.
The sale comes as Elliman and other top real
estate firms — such as Cendant, the owner of Corcoran and Sotheby's;
and Terra Holdings, the parent of Brown Harris Stevens — vie to
acquire smaller firms.