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NEW YORK CITY-After months of rumors and speculation, Faith Hope Consolo and partner Joseph A. Aquino have signed a contract with Prudential Douglas Elliman. Consolo will serve as chairman, effective today, and Aquino is the new executive vice president.

Consolo, the former vice chairman of Garrick-Aug Worldwide, tells GlobeSt.com that she has been courted by many different firms in the past three years. "I chose Prudential because I thought if I moved I should go to a big umbrella," she says, referring to Prudential Douglas Elliman's nationwide network of brokers. "I have been with a small boutique firm for years. Plus they are allowing me to keep my brand and give me the platform to grow the brand even further."

Consolo was able to bring her entire "support staff" of 12 people over from Garrick-Aug. "And because I befriended (CEO) Dottie Herman, I was able to negotiate from the top."

The pair met in the summer of 2004 at PR mogul Howard Rubenstein's 50th anniversary party at Tavern on the Green. "We spoke there, and then went out to dinner afterward," Herman tells GlobeSt.com. "I felt like I knew her my whole life. The next week or two we talked about the possibilities with Prudential and my vision for the company. From that day on, we just clicked."

"I have to feel the chemistry is right," Consolo says. "She's another workaholic and is very driven. I have great admiration for her."

Herman foresees Consolo growing the retail leasing and sales division of Prudential Douglas Elliman, a company perhaps best known for its residential brokerage business. "I am not trying to do every aspect of commercial at the moment," Herman says. "We are specializing in retail and since we are part of the Prudential network we have a far greater reach which includes clients all over the country.

In the meantime, look for Pru DE to continue acquiring small brokerage houses "that are a good fit for us" throughout the Tri-state area in 2005. The firm acquired a few brokerage houses based in Queens, Brooklyn and Long Island this past year.

Prudential Douglas Elliman closed $10 billion in sales last year and is on track to close $12 billion this year, according to Herman. "We have just begun," Herman says of her new partnership with Consolo. "We are looking forward to a lot of exciting things to come."

Instant Insights /

Consolo, Aquino Jump Ship for Prudential Douglas Elliman

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