"It's a very smart investment," says one source familiar withthe negotiations. "It's been a banner year for retail and for thecompany."

But nearly a week after the deal was struck, many of the teesstill need to be crossed, most significantly, Selevan and his teamhave not yet nailed down an acceptable contract with its starbrokers, most visibly Faith Hope Consolo and Joseph Aquino, says asource. Chairman Charlie Aug had no comment and Selevan was notavailable. Calls to president Peter Botsaris and Consolo were notreturned by deadline. Terms were not disclosed.

The deal comes at a very active time in the Manhattan retaillandscape. As GlobeSt.com reported earlier this week, two longtimeCB Richard Ellis brokers jumped ship to join Cushman &Wakefield. C. Bradley Mendelson and David A. Green will serve asexecutive directors in C&W's Retail Services Group. Mendelson,who was an executive vice president at CBRE, was with the companyfor nearly 30 years. He started with Edward S. Gordon, thepredecessor to Insignia/ESG, in 1977. Green joined Insignia in1991. Steven Soutendijk, an associate and member of their team,joins them as well.