Related Companies, one of the nation’s most prominent real estate firms, today announced that it has acquired a stake in CORE, the leading boutique real estate brokerage in Manhattan, to further expand CORE’s brand and offerings throughout New York City.
“This is an incredible opportunity for CORE to align ourselves and work alongside one the most respected developers in the United States,” said Shaun Osher, founder and CEO of CORE. “Our teams share a similar vision and commitment to quality, design, lifestyle and innovation. This is a game changer.”
Jeff T. Blau, CEO of Related, said, “Related and CORE both have creative, collaborative, customer-focused cultures and share a commitment to great design and best-in-class product. Shaun Osher has built a great brand and assembled a strong management team and group of talented agents. We saw an attractive opportunity to help fuel the growth of the platform, invest in great talent and optimize opportunities throughout the city. Related has an over $6 billion pipeline of new condominium developments, and with this investment we will be able to bring real-time market knowledge and customer feedback even closer to our development teams. In addition, we have built over a dozen condominiums in New York City and we saw great synergies to better serve our clients with direct involvement in the resales in those buildings.”
CORE will continue to deliver best-in-class service to agents and residential and commercial developers throughout the city. In addition, Shaun and his team will collaborate with Related on product development and sales of future development opportunities and build a customer-focused resale business around Related’s past developments. CORE is regarded as the top boutique brokerage, and a pre-eminent leader in new development marketing and sales. CORE will remain a separate autonomous company with Shaun Osher remaining as CEO, and maintain its offices in the Flatiron District, Chelsea and on Madison Avenue.
CORE is known for creating a brand around each development and a distinct advantage in the submarkets in which they operate. They offer a highly customized, hands-on approach to new developments, and carefully select those developments in which they can best add value. As one of New York’s preeminent developers of luxury residential properties for more than a quarter century, Related pioneered the concept of commissioning celebrated architects to design residential properties by selecting Robert A.M. Stern to plan his firm’s first luxury condominium, The Chatham.
Over the past decade, Related has continued its commitment to world-class architecture and design, collaborating with distinguished architects and designers, including Skidmore Owings and Merrill, Diller Scofidio + Renfro, Frank Gehry, Yabu Pushelberg, Gwathmey Siegel & Associates, David Rockwell, Marmol Radziner, Adam Tihany and Clodagh. Related’s condominium pipeline in New York City includes: 520 West 28th Street in collaboration with Zaha Hadid, Fifteen Hudson Yards (555 West 30th Street) in collaboration with Diller Scofidio + Renfro and Rockwell Group and 35 Hudson Yards (550 West 33rd Street) in collaboration with David Childs and SOM, as well as additional properties in Chelsea, Tribeca and the Upper East Side. Since its first condominium development, Related has been responsible for over $7 billion in sales volume. The talented and expert team of Related Sales will continue to be dedicated to the Related condominium pipeline as well as resale opportunities throughout the portfolio. In 2013, Related formed a venture with Corcoran Sunshine Marketing Group on select projects including 520 West 28th Street and Hudson Yards. That venture will be unaffected by the transaction.
CORE is the leading real estate brokerage firm in Manhattan, which has marketed and sold over 30 new development projects and generated over $4 billion in sales to date. Founded in 2005 as a joint venture between Shaun Osher and The Cayre Family of Midtown Equities, the mission was to create a full-service boutique consulting firm for agents and developers to strengthen their business. Today CORE has nearly 100 real estate professionals, with sales offices in Chelsea and on Madison Avenue. For more information, please visit www.corenyc.com.
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed over 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and boasts a team of approximately 2,500 professionals. The Company’s existing portfolio of real estate assets, valued at over $20 billion, is made up of best-in-class mixed-use, residential, retail, office and affordable properties in premier high-barrier-to-entry markets. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s west side. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices. Related is staunchly committed to sustainable design with over $10 billion in green development underway or completed. Related also owns Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering, and a partnership interest in Union Square Events, the catering, culture, sports, and events business of Danny Meyer’s Union Square Hospitality Group. For more information about Related Companies, please visit www.related.com.