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Insignia Sells Residential Cos. for Nearly $72M

NEW YORK CITY-Getting its house in order before CB Richard Ellis officially takes possession, Insignia Financial Group sells off its two residential subsidiaries. Huntington, NY-based Montauk Battery Realty pays $71.75 million for Insignia Douglas Elliman and Insignia Residential Group.

By Glen Thompson | Updated on March 17, 2003

NEW YORK CITY-Insignia Financial Group revealed today that it has shed residential subsidiaries Insignia Douglas Elliman and Insignia Residential Group. Huntington, NY-based Montauk Battery Realty LLC bought the companies for $71.75 million. The purchase price includes $1 million to be paid a year from closing and the assumption of a $4-million earn-out.

Montauk is owned by New Valley Corp. and Dorothy Herman, CEO of Prudential Long island Realty. As part of the acquisition, the Douglas Elliman company has entered into a franchise agreement with the Prudential Real Estate Affiliates Inc.

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