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Dottie Herman, CEO of Douglas Elliman Real Estate, is selling her 29 percent share in the New York metro-area brokerage firm, according to an announcement by Douglas Elliman’s parent, Vector Group, this week. Herman will continue on as CEO of the firm, and, according to filings, will receive $40 million for her stake.

Vector Group is helmed by Howard Lorber, chairman of Douglas Elliman. Herman and Lorber bought the company in 2003, establishing the firm as the No. 3 Power Broker in the U.S, garnering more than $25.3 trillion in sales volume in 2017. With the acquisition of Herman’s stock, Vector Group now owns all of Douglas Elliman Realty, LLC.

According to The Real Deal, Vector Group has already paid Herman $10 million, with an additional $30 million to be paid by October 2022.

“It was just time to get some of my money out,” Herman told The Real Deal. “Now I can just have a little more security.”

“Dottie and I couldn’t have imagined that the venture we embarked on years ago would grow into the largest residential brokerage firm in the New York metropolitan area,” said Lorber in a statement. “Her vision for and dedication to Douglas Elliman have proven invaluable and have helped cement Douglas Elliman as one of the country’s premier brokerages. We are excited about the next phase of Douglas Elliman’s growth, and are confident the company is well positioned for the future.”

“I couldn’t be more proud of the company that Howard and I created,” Herman said in the statement.

Herman was recently named a 2019 Real Estate Newsmaker by RISMedia, denoting her industry luminary status.

As the No. 3 Power Broker in the U.S. according to sales volume, Douglas Elliman encompasses 7,000 agents and 675 employees in over 113 offices, with a leading marketshare in New York City, where it is headquartered, and in other established markets, including California, The Hamptons, N.Y., and South Florida.

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