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Douglas Elliman, the New York real estate brokerage known for its multimillion-dollar listings and celebrity agents, is expanding into Houston, joining a crowded field of residential brokerages as technology and new business models are reshaping the industry.
Elliman, whose East Coast roots date to 1911, formed a joint venture with Houston-based Sudhoff Cos., which specializes in selling new condominiums in some of Houston’s most affluent neighborhoods.
Sudhoff Cos., formed in Houston in 2010, will operate under the Elliman umbrella. Jacob Sudhoff, the firm’s 38-year-old founder and chief executive, will serve as CEO of Douglas Elliman, Texas. His business partner Catherine Lee will also continue to have a role in the newly formed firm.
“We try to be where our existing customers are,” Howard Lorber, executive chairman of Douglas Elliman Realty, said. “We always look to have feeder markets. We know Aspen and Houston go together, California and Houston. That’s what made Houston really fit in.”
Sudhoff will be tasked with introducing a brand to Houstonians who aren’t familiar with Elliman. The deal will also likely elevate Houston’s profile on a global scale.
“I’m so excited to be part of that and to be able to educate the rest of the world on what Houston really is. We have a lot of education to do and this will give us a better platform to do that,” Sudhoff said.