NEW YORK--(BUSINESS WIRE)--Dec. 31, 2018--
Vector Group Ltd. (NYSE:VGR) and Douglas Elliman Realty, LLC today
announced that Vector Group’s indirect wholly-owned subsidiary has
acquired the remaining 29% interest it did not own of Douglas Elliman
Realty, LLC from Douglas Elliman Chief Executive Officer Dorothy
“Dottie” Herman. Ms. Herman will continue in her role as Chief Executive
Officer of Douglas Elliman.
Howard M. Lorber, President and Chief Executive Officer of Vector Group
and Chairman of Douglas Elliman, said, “Dottie 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.
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. We are excited about the next phase of Douglas Elliman’s
growth, and are confident the company is well positioned for the future.”
Dottie Herman said, “I couldn’t be more proud of the company that Howard
and I created.”
About Vector Group
Vector Group is a holding company that indirectly owns Liggett Group LLC
and Vector Tobacco Inc. and directly owns New Valley LLC, which
indirectly owns Douglas Elliman Realty, LLC. Additional information
concerning the company is available on the Company's website, www.VectorGroupLtd.com.
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest
brokerage in the New York Metropolitan area and the third largest
residential real estate company nationwide. With more than 7,000 agents,
the company operates approximately 113 offices in New York City, Long
Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida,
California, Colorado and Massachusetts. Moreover, Douglas Elliman has a
strategic global alliance with London-based Knight Frank Residential for
business in the worldwide luxury markets spanning 60 countries and six
continents. The company also controls a portfolio of real estate
services including Douglas Elliman Development Marketing, Douglas
Elliman Property Management, Douglas Elliman Title and Douglas Elliman
Commercial. For more information on Douglas Elliman as well as expert
commentary on emerging trends in the real estate industry, please visit elliman.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181231005114/en/
Source: Vector Group Ltd.
For Vector Group Ltd.
Sard Verbinnen & Co
Claffey/Benjamin Spicehandler/Columbia Clancy
For Douglas Elliman Realty, LLC