Tuesday's announcement by Douglas Elliman and Belmarc means thatDouglas Elliman's multifamily management portfolio will grow toapproximately 300 Manhattan properties and approximately 49,000apartments, up from its current tally of 250 buildings and 44,000units, a spokeswoman tells GlobeSt.com. She declined to discuss theterms of the acquisition. Among the properties are 15 E. 69th St.,870 Fifth Ave. and CitySpire Center at 150 W. 56th St.

John Janangelo, long-time President of Bellmarc PropertyManagement, will be joining Douglas Elliman Property Management asan EVP. He'll continue to oversee the affairs of the formerBellmarc managed properties, according to a release.

The spokeswomen was unable to provide details about how large ashare of Prudential Douglas Elliman's overall business the propertymanagement arm represents, or whether the parent company ispursuing a long-term strategy to grow this aspect of its business.However, CEO Dottie Herman says in the release that acquiring theBellmarc management portfolio represented "a wonderful opportunity.In addition to strengthening Douglas Elliman, acquiring themanagement of these buildings creates new and excitingopportunities for our affiliated brokerage and mortgagebusinesses." Neil Binder, principal of Bellmarc, says the deal willenable his company to "focus on enhancing its core business ofresidential brokerage."