Media Contact:
Stephen T. Larkin
212.848.0466
slarkin@corcoran.com
NEW YORK – JUNE 22, 2004-- The Corcoran Group, New York City's renowned residential real estate brokerage company, today announced the acquisition of New York City-based Citi Habitats, Inc., and its affiliated companies, including SóLOFTS. Citi Habitats is the largest residential rental brokerage firm in New York City, and SóLOFTS is the company’s affiliated loft and fine home sales unit. Citi Habitats' 17 offices in Manhattan will now operate as Citi Habitats, a Division of The Corcoran Group. SóLOFTS' two offices in Manhattan and one office in Brooklyn will do business as The Corcoran Group.
Pamela Liebman, president and chief executive officer for The Corcoran Group, will continue in her role overseeing all company operations in New York City, the Hamptons and Palm Beach. Andrew Heiberger, president, founder and CEO of Citi Habitats, will continue as president of Citi Habitats, a Division of The Corcoran Group.
"The Corcoran Group is committed to building lifelong relationships with our clients. With this acquisition, we can start building those relationships from the moment a client begins his or her life in New York. As their housing needs mature so will our relationship, whether they are renting their first apartment, buying their first New York City co-op, a secondary home in Palm Beach or a summer house in the Hamptons," says Liebman. "For agents in our combined companies, they will help set a new industry standard in distinctive service by having at their fingertips the city’s largest rental listings database, one of the most highly trafficked Web sites in real estate, and a complete suite of affiliated services including corporate relocation."
"After 10 years of growing this company from two agents to more than 800 licensed professionals and staff, I consider this union with The Corcoran Group to be our best growth initiative yet," said Heiberger. "We are instantly gaining exposure in two new markets for us -- the Hamptons and Palm Beach. Given the fact that The Corcoran Group has doubled its revenue in the past two-and-a-half years under Pam Liebman’s leadership, I have every confidence in the future direction of our unified organization."
In 2003, Citi Habitats' agents completed over 11,000 rental transactions, with a combined sales and rental closed volume of more than $900 million. Citi Habitats operates 20 rental and sales offices, including three offices as SóLOFTS and more than 15 on-site offices in residential projects in the New York metropolitan area.
With this announcement, The Corcoran Group now has more than 2,100 sales associates and employees operating in 29 offices in New York City, 13 offices in the Hamptons, Shelter Island and the North Fork on Long Island, N.Y., and one office in Palm Beach, Fla. In 2003, the combined organization accounted for $6.5 billion in total closed volume.
