Prudential Douglas Elliman Buys Bellmarc Property Management

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(NEW YORK, NY) -- Douglas Elliman Property announced today the acquisition of Bellmarc Property Management's residential portfolio.

The transaction includes the transfer to Douglas Elliman Property Management of approximately 50 building management accounts, including many of Manhattan's most prestigious residential buildings including 15 East 69th Street, 870 Fifth Avenue and CitySpire Center.  John Janangelo, long-time President of Bellmarc Property Management, will be joining Douglas Elliman Property Management as an Executive Vice President., and together with his staff, will continue to oversee the affairs of the former Bellmarc managed properties.

"This acquisition enhances Douglas Elliman as the leading residential management firm in New York City and adds to our already prestigious roster of high-end luxury buildings," said Howard Lorber, Chairman of Douglas Elliman. Prior to the acquisition, Douglas Elliman Property Management was ranked as the largest residential management firm in Manhattan with approximately 250 residential buildings under management, representing more than 44,000 units. The acquisition will expand the number of buildings to approximately 300 residential buildings.

"We saw this as a wonderful opportunity and, in addition to strengthening Douglas Elliman, acquiring the management of these buildings creates new and exciting opportunities for our affiliated brokerage and mortgage businesses," said Dottie Herman, President and CEO of Douglas Elliman.

"We are excited about the transition of this aspect of our business to Douglas Elliman Property Management, as it is a win-win for both companies," said Neil Binder, Principal of Bellmarc Property Management. "Douglas Elliman Property Management will be able to build on its impressive exiting portfolio of properties and Bellmarc will focus on enhancing its core business of residential brokerage."

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