Corcoran Buys Citi Habitats
June 22, 2004
Andrew Heiberger and Pam Liebman join forces
In a merger of two giants, The Corcoran Group announced today that it is buying Citi Habitats.
Citi Habitats’ 17 offices in Manhattan will now operate as Citi Habitats, a Division of The Corcoran Group.
Corcoran also acquired SóLOFTS, Citi Habitats’ affiliated loft and fine home sales unit, which has two offices in Manhattan and one office in Brooklyn and 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," said Liebman
"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," Liebman said.
"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."
In 2003, Citi Habitats’ agents completed over 11,000 rental transactions, with a combined sales and rental closed volume of more than $900 million, Corcoran said. 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 the 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, the company said.
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