Major New York brokerage buys Aspen real estate firm
December 20, 2014
New York's largest real estate brokerage is coming to Aspen.
In a deal announced late Thursday, Douglas Elliman Real Estate said it has acquired Joshua & Co., one of Aspen's major realty firms led by longtime broker Joshua Saslove.
"It's definitely going to change the complexion of the real estate market in Aspen," Saslove said Friday. "Douglas Elliman brings a huge clientele and network to our office, directly to Aspen."
Saslove has played a key part in some of the area's blockbuster real estate deals over the years.
He was a broker in the $46 million sale of Mandalay Ranch in 2004, the $47 million sale of Crystal Island Ranch in 2006, and the $49 million acquisition of Prince Bandar Bin Sultan's 90-acre Hala Ranch in 2012.
He said that his firm, which he started in 1992, will continue to operate its four offices — two in downtown Aspen, one in Aspen Highlands and one in Snowmass Village. About 40 brokers comprise his firm along with eight staffers. The current office structure will remain in place, he said.
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The new ownership will bolster the firm's marketing muscle and give it great advances technologically, Saslove said.
"If you look at Aspen, and you look at the luxury markets of the country, they are Miami, Palm Beach, the Hamptons, Beverly Hills. Connect the dots and you have put Aspen, Colorado, in that group, so it's a great connection."
In a prepared statement, Howard M. Lorber, chairman of Douglas Elliman, said: "Our Aspen expansion is a continuation of Douglas Elliman's commitment to providing our clients with a comprehensive real estate experience. Having successfully expanded to the West Coast earlier this year with our Beverly Hills office, opening a Greenwich office and expanding our South Florida presence, Douglas Elliman's cohesive representation where our clients are allows us to better serve our customers and increase business potential for our agents."
Elliman's website claims it is the nation's fourth-largest real estate company, with more than 5,000 agents. Saslove said Elliman, which was founded in 1912, is the right fit for his firm's purposes.
"I have been solicited over the past several years by many companies," Saslove said. "We were solicited quite heavily the last two years by major brands, affiliates or franchise organizations. I wanted to take Joshua & Co. to the next level and wanted an organization that was truly into the real estate business, because most of the brands out there, especially the ones you see in Aspen, they are not in the real estate business. They are franchises and affiliates. We wanted to be part of a real estate company so that we could network with people that are in the business and can really drive clients to our brokers in our market here."