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The Corcoran Group Acquires Allmon, Tiernan & Ely, Inc.
Leading New York City Firm Deepens Its Presence in Palm Beach County’s Delray Beach, Fla.
PALM BEACH, Fla. – September 21, 2005
The Corcoran Group, one of the country’s leading residential real estate brokerage firms, announced today that it has acquired Allmon, Tiernan & Ely, Inc. in Delray Beach, Fla. Allmon, Tiernan & Ely’s 13 sales associates will now do business under the banner of The Corcoran Group.
Randy Ely, an owner of Allmon, Tiernan & Ely, will assume the role of managing director for The Corcoran Group in Delray Beach. Scott Tiernan, also an owner, will step into a senior sales role for The Corcoran Group’s new Delray Beach operation. All Florida operations of The Corcoran Group report to Pamela Liebman, president and CEO for The Corcoran Group, who also oversees operations in New York City and the Hamptons.
”With this acquisition not only are we extending our coverage in South Florida, we are doing so with one of the most outstanding, widely recognized companies in the region,” said Pamela Liebman. “Already known as a first-class resort town, Delray Beach attracts buyers from around the country and is a perfect addition to our other second home luxury markets including the Hamptons and Palm Beach.”
In the past 15 months, The Corcoran Group has acquired five real estate firms in New York City, the Hamptons and Palm Beach. With this acquisition of Allmon, Tiernan & Ely’s Delray Beach office, The Corcoran Group will now have more than 100 sales associates in five offices in Palm Beach County. Including its operations in New York City, the Hamptons and Palm Beach, The Corcoran Group now operates 46 offices and has more than 2,600 sales associates. In the past 12 months, the combined organization accounted for nearly $11.5 billion in total closed sales volume.
“We have been very impressed with The Corcoran Group’s entry into the Palm Beach market and feel strongly that we will benefit from this as well as the incredible exposure to their markets in New York and the Hamptons," said Randy Ely.
For 50 years, Allmon, Tiernan & Ely has been a market leader for the luxury real estate market in Delray Beach, Gulf Stream, Ocean Ridge, Manalapan, Point Manalapan and Hypoluxo Island. This past year, Allmon, Tiernan & Ely accounted for $292 million in total closed sales volume.
The Corcoran Group is one of the premier residential real estate brokerage companies headquartered in New York City with 46 offices and more than 2,600 sales associates in Manhattan, Brooklyn, the Hamptons, Shelter Island, N.Y., the North Fork, N.Y. and Palm Beach, Fla. The Corcoran Group is part of the NRT family of companies. NRT Incorporated is the largest residential real estate brokerage company in the United States and also has locations in the United Kingdom. With more than 1,000 offices and 62,000 sales associates operating in over 35 major metropolitan areas, NRT posted a real estate industry record of $204 billion in closed sales volume in 2004. NRT (www.nrtinc.com) is a subsidiary of Cendant Corporation (NYSE: CD). Cendant (www.cendant.com) is one of the foremost providers of real estate and travel services in the world.
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