Douglas Elliman Real Estate, the top brokerage in the New York metro area, is expanding into Texas. On Tuesday the brokerage announced a joint venture with Sudhoff, a company based in Houston that specializes in luxury high-rise condominiums. Jacob Sudhoff, president of Sudhoff, was named chief executive officer of Douglas Elliman, Texas.
"Like Los Angeles, Houston is experiencing a vertical living phenomenon, and because many of our clients in Colorado, California and Florida hail from Houston, we felt the time was right for a strategic move to Texas," said Howard Lorber, executive chairman of Douglas Elliman.
Under the joint venture, Douglas Elliman will represent approximately $500 million in current new development in Texas with $1.4 billion in the pipeline coming to market over the next 12 months. Current Houston projects on the market include Giorgetti Houston, The River Oaks, The Sophie, The Revere, and The Hawthorne.
Sudhoff, the Houston brokerage, typically sells close to 100 percent of new condominiums in a new development prior to its opening, according to the statement.
"After nearly a decade of building this company and partnering with more than 60 top builders and developers, this alliance with Douglas Elliman is going to make an even bigger impact on the Texas development landscape," said Sudhoff, who founded the company in 2010. "We are offering our clients even greater exposure through Elliman's national reach and global alliance with Knight Frank. This will further allow us to bring even greater value to developers and homeowners and optimize our customer satisfaction."
Sudhoff’s business partner, Catherine Lee, also will have an “integral” role in the new company, although the announcement didn’t specify what it will be.
With this new venture, Douglas Elliman will have 120 offices with over 7,000 sales associates throughout the United States, according to the statement.