Douglas Elliman sold $24.6 billion worth of real estate nationwide in 2016 — a 9.8 percent year-over-year jump, as the pricey contracts signed during the market’s peak turned into closings.
The largest brokerage in the New York area and the fourth largest residential real estate company nationwide, Douglas Elliman turned out higher revenue after closing fewer — but pricier — deals, parent company Vector Group reported Wednesday.
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Douglas Elliman closed 6,812 sales worth $14 billion in New York in 2016, compared to 7,119 deals worth $12.7 billion in 2015.
For the 12 months ended Dec. 31, Elliman’s revenue jumped 6 percent to $675.3 million, with Vector CEO Howard Lorber, who also serves as chair of Elliman, saying that the firm’s investments in new development marketing “have begun to pay dividends.”
