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Insignia Financial Group Sells Residential Business to Montauk Battery Realty, LLC

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Douglas Elliman Company to join Prudential Real Estate Network
RISMEDIA, March 18-Insignia Financial Group, Inc. has sold its residential real estate services subsidiaries, Insignia Douglas Elliman and Insignia Residential Group, to Montauk Battery Realty, LLC, whose principal owners are New Valley Corp. and Dorothy Herman, chief executive officer of Prudential Long Island Realty.

The purchase price will be approximately $71.75 million, including $1 million that will be paid a year from closing, as well as the assumption of a $4 million existing earn-out obligation.

As part of the transaction, the Douglas Elliman company has entered into a new franchise agreement with The Prudential Real Estate Affiliates, Inc.

As a result of this transaction, Montauk Battery, which also owns Prudential Long Island Realty, will have over 2,000 sales professionals.

Insignia Douglas Elliman has more than 950 employees, including 830 brokers, in nine offices in New York City and three offices on Long Island. In 2002, Insignia Douglas Elliman completed one of the most successful years in its 92-year history. Robust demand for New York co-ops and condos fueled gross transaction volume of $2.8 billion for the year. Insignia Residential Group, with more than 350 employees, manages more than 60,000 units in over 250 properties, easily the New York area leader. The portfolio includes cooperative, condominium and rental properties in New York City, Nassau County, Northern New Jersey and Westchester.

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