MIAMI--(BUSINESS WIRE)--
Vector Group Ltd. (NYSE:VGR) today announced that New Valley's
70.59%-owned subsidiary, Douglas Elliman Realty, LLC, is now the
third-largest residential real estate brokerage by sales volume in the
United States, according to a survey conducted by Real Trends, a leading
real estate information and analytics company.
In 2017, Douglas Elliman achieved closed sales of $26.1 billion,
representing a 6% increase from 2016. In addition, Douglas Elliman had
six of the top 10 sales in New York City for 2017 and secured the number
one residential sale for a second year in a row.
Howard M. Lorber, President and Chief Executive Officer of Vector Group,
said, "On behalf of everyone at Vector Group, we congratulate Douglas
Elliman on this impressive milestone. 2017 was a year of growth and
expansion for Douglas Elliman, and we look forward to further extending
our reach in 2018."
In 2017, Douglas Elliman expanded in California with the acquisition of
Teles Properties Inc. Douglas Elliman's expansion has continued in 2018
with the acquisition of Boston-based Otis & Ahearn, Inc. The firm now
boasts approximately 7,000 agents in 100 offices nationwide.
Vector Group is a holding company that indirectly owns Liggett Group LLC
and Vector Tobacco Inc. and directly owns New Valley LLC, which owns a
controlling interest in Douglas Elliman Realty, LLC. Additional
information concerning the company is available on the Company's
website, www.VectorGroupLtd.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180406005186/en/
For Vector Group Ltd.:
Sard Verbinnen & Co
Emily
Claffey/Benjamin Spicehandler/Columbia Clancy
212-687-8080
Source: Vector Group Ltd.
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