Aug to remain after $3m brokerage sale.

After nearly 30 years in the real estate business, Charles Aug is taking a minor, but still important role, at Garrick-Aug Associates Store Leasing, Inc.

Last week, Aug sold a majority of Garrick-Aug shares for $3 million to an affiliate of Union Traders Corporation (UTC), an international investment and merchant banking enterprise based in New York.

The Chief Operating Officer of UTC, Lawrence J. Selevan, will become chairman of Garrick-Aug. Peter Botsaris, Garrick-Aug's current president and part of the purchasing group, will become Chief Operating Officer of Garrick-Aug. Botsaris will continue his numerous brokerage activities, as well as play a prominent role in growing the business and creating new leasing teams to service the new business that UTC will assist in generating in the near future.

Aug, who said more than a handful of firms made offers to buy the retail-focused real estate brokerage, will stay on in an active position.

"I'm staying on as an advisory role at Garrick-Aug," he told REW. "I am an investor, a property owner and I'd like to grow that. Larry is a very interesting character. He is going to grow my business into something more than it is and he has invited me to stay."

In 1975, when there was "40 million square feet of commerical space that nobody wanted," Aug saw the need for a specialty business that focused on storefront leasing, he reflected.

"At that time, there weren't any storefront retail companies in New York City," said Aug, who is well respected in the industry for his foresight.

Selevan said he will continue Aug's legacy.

"Garrick-Aug will focus on the retention of the strong 'family firm feeling,' combined with our vision for an institutional bias to attract international capital from investors to expand the company nationwide. Mr. Aug will retain a minority position in the firm and continue to advise and generate business for the firm as the consummate rainmaker and original founder of the company," said Selevan.

Under UTC, Garrick-Aug will remain focused on retail leasing and will expand its scope by offering other services to Garrick-Aug retailers and clients. These new, expanded services will complement and enhance existing operations. Some of the offerings will include arranging and advising on sales of retail space condominiums in New York, investment sales of shopping centers to existing key clients of the firm, exclusive tenant representation, direct acquisition of retail assets and acquiring other like-minded independent retail leasing brokerages nationally, completing its growth as a national full-service retail brokerage firm. In addition, Garrick-Aug intends to recruit qualified brokers and agents.

"We are not planning any changes personnel wise," said Botsaris. "This is a service business, people business. The core here is very strong. This company's resources and the creativity of Mr. Selevan will help elevate this company to much greater heights and we will reinvent this industry."

In addition, Lee Stand has been promoted to secretary of the company and will retain his position as general counsel, and Peter Nelson has been promoted to treasurer.

Selevan added, "We believe that these initiatives will retain our existing brokers and encourage the recruitment of additional qualified brokers to join us in our newly expanded operations and help us service the clients and retailer relationships built over the last thirty years."

"It is our intention to work closely with the existing leading producers in the company, such as the well-recognized team of Faith Hope Consolo and Joseph Aquino, who have created a superior brand in the industry for their team and the firm, plus the excellent talents of Robert E. Kunikoff, Jonathan Krivine, James Aug and many others too numerous to name," said Selevan. "We are developing an operation that will expand their reach and complement their skills to bring greater opportunities to them, the firm and the firm's clients.