NEW YORK CITY—Related Cos. has acquired a stake in CORE, a boutique real estate brokerage in Manhattan. The investment will allow CORE to further expand its brand and offerings throughout the city while the relationship gives Related access to data on condominiums as well as farther reach into that property sector. It was unclear at press time just how much of a stake was sold.
“This is an incredible opportunity for CORE to align ourselves and work alongside one the most respected developers in the United States,” says Shaun Osher, Founder and CEO of CORE. “Our teams share a similar vision and commitment to quality, design, lifestyle and innovation. This is a game changer.”
Jeff T. Blau, CEO of Related says, “Related and CORE both have creative, collaborative, customer-focused cultures and share a commitment to great design and best-in-class product. Shaun Osher has built a great brand and assembled a strong management team and group of
talented agents. We saw an attractive opportunity to help fuel the growth of the platform, invest in great talent and optimize opportunities throughout the city. Related has an over $6 billion pipeline of new condominium developments, and with this investment we will be able to bring real-time market knowledge and customer feedback even closer to our development teams. In addition, we have built over a dozen condominiums in New York City and we saw great synergies to better serve our clients with direct involvement in the resales in those buildings.”
Osher and his team will collaborate with Related on product development and sales, future development opportunities and build a customer-focused resale business around Related's past developments.
CORE will remain a separate company with Shaun Osher remaining as CEO, and maintain its offices in the Flatiron District, Chelsea and on Madison Avenue.
In 2013, Related formed a venture with Corcoran Sunshine Marketing Group on select projects including 520 West 28th Street and Hudson Yards. That venture will be unaffected by the latest transaction.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
