Corcoran juggernaut keeps rolling with latest purchase.The Corcoran Background Corcoran. Spelling variations include: MacCorcoran, O'Corcoran,Corcorran and others. The Irish surname Corcoran is derived from the Gaelic word Corcair, now used to denote purple but formerly meaning ruddy, or 'of reddish complexion'. Group has bought Citi Habitats, the city's largest residential rental brokerage firm, in what seems to be an effort to take full leadership of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of market. In addition to Corcoran's existing 11 offices in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the Hamptons and Palm Beach, Florida Palm Beach is an incorporated town in Palm Beach County, Florida. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth. As of 2000, Palm Beach had a year-round population of 10,468, with an estimated seasonal population of 30,000. , Citi Habitats will be bringing 20 of its own rental and sales units to the firm. Citi Habitats founder Andrew Heiberger will continue to serve as its president, while the firm will change its name to Citi Habitats, a division of the Corcoran Group. Included in the deal is SoLOFTS, an affiliate of Citi Habitats which specializes in loft and fine home sales. In announcing the deal, Pamela Pamela sweet maidservant who chastely repels disgraceful advances, marries her aristocratic pursuer, and attempts to reform him. [Br. Lit.: Richardson Pamela] See : Virtuousness Liebman, the Corcoran Group's president and chief executive officer, said that the company wants to be able to serve all New Yorkers--from young people looking to rent their first apartment, to more established clients searching for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. homes for their families. Previously, the company had employed individual rental agents, but had no formalized for·mal·ize tr.v. for·mal·ized, for·mal·iz·ing, for·mal·iz·es 1. To give a definite form or shape to. 2. a. To make formal. b. rental division. "We think this is a great deal for the real estate consumer in New York--you can start with one firm and stick with them for your entire real estate cycle, including finding a summer place down in Palm Beach," she said. "We look at many opportunities [to expand] and we act on the ones we feel will be an enhancement to our firm and a good strategic fit. Citi Habitats was clearly the market leader in rentals in New York and they had very strong management, which was a big plus." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Heiberger, who said that he received offers to buy from two other major residential firms, the Corcoran Group's prestige and leadership in the sales market convinced him to close the deal. "I was 150% not looking to sell at the time, but then I met with Pamela Liebman and I was actually flattered that her firm was interested in us," he said. "For us, it was an opportunity to enter the sales market and she was looking at it as a rental buy." In the next few months, the staff from the Corcoran Group and Citi Habitats will be working on identifying areas where the two firms can promote their synergies. For example, Citi Habitats will now be able to take advantage of Corcoran's rental contracts. In addition, Heiberger and Liebman would like to combine their respective market reports starting this July. "Pamela and I see eye to eye on this whole thing, we are looking to have all of our executive people meet and identify the areas where they can help each other," Heiberger said. "This is truly a situation where the sum of the whole is greater than the parts." Neither Heiberger nor Liebman would disclose the price of the deal because of a confidentiality agreement. |
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