"It's a very smart investment," says one source familiar with the negotiations. "It's been a banner year for retail and for the company."

But nearly a week after the deal was struck, many of the tees still need to be crossed, most significantly, Selevan and his team have not yet nailed down an acceptable contract with its star brokers, most visibly Faith Hope Consolo and Joseph Aquino, says a source. Chairman Charlie Aug had no comment and Selevan was not available. Calls to president Peter Botsaris and Consolo were not returned by deadline. Terms were not disclosed.

The deal comes at a very active time in the Manhattan retail landscape. As GlobeSt.com reported earlier this week, two longtime CB Richard Ellis brokers jumped ship to join Cushman & Wakefield. C. Bradley Mendelson and David A. Green will serve as executive directors in C&W's Retail Services Group. Mendelson, who was an executive vice president at CBRE, was with the company for nearly 30 years. He started with Edward S. Gordon, the predecessor to Insignia/ESG, in 1977. Green joined Insignia in 1991. Steven Soutendijk, an associate and member of their team, joins them as well.