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 | March 17, 2003 at 01:01 AM

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.

As a result of the transaction, Montauk Battery, which also owns Prudential Long Island Realty, will have more than 2,000 sales agents.

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