From TRD New York: The ink’s not quite dry on Douglas Elliman’s acquisition of Beverly Hills-based Teles Properties — a fast-growing firm that claimed $3.4 billion in revenue last year — but the New York -based brokerage will use its ample war chest to finance the deal.
“We have the cash for it,” Elliman chairman Howard Lorber assured investors during a second quarter earnings call Friday for parent company Vector Group. Though Lorber wouldn’t share the purchase price until the deal is closed, Vector had $410.4 million in cash on its books, including $102 million at Douglas Elliman, he said.