New York”™s largest residential brokerage, Prudential Douglas Elliman, will expand into Westchester and Putnam counties with its recent acquisition of Prudential Holmes & Kennedy Real Estate, a family owned company with six offices in upper Westchester.
Dottie Herman, president and CEO of Prudential Douglas Elliman, in a statement said the Westchester market has “a perfect synergy” with the Manhattan firm”™s markets in New York City and Long Island. Prudential Douglas Elliman in the last quarter of 2010 also opened its first Bronx office, where it acquired John Edwards Real Estate, a boutique Riverdale agency, and expanded on Long Island with its purchase of Prudential Galeria Real Estate in Williston Park.
Founded in Chappaqua in 1968, Prudential Holmes & Kennedy has offices in Armonk, Bedford, Chappaqua, Katonah, Pleasantville and Somers.
William B. Holmes, founder and CEO of Prudential Holmes & Kennedy, in a statement called the acquisition”™s timing “perfect.” With most of his company”™s home buyers coming from the metropolitan New York market, “What could be better than this direct pipeline from Manhattan northward to us?” Holmes said. “This sale represents a significant event for all of our clients who stand to benefit immeasurably from the size, sophistication and energy that Elliman brings to the table.”
Prudential Douglas Elliman Real Estate has more than 60 offices and 3,800 real estate agents and is ranked in the top four of all real estate companies in the nation.
A&P, Pathmark to remain open
A&P, Westchester County”™s dominant supermarket chain, will keep open its A&P and Pathmark grocery stores in the region through a Chapter 11 bankruptcy restructuring, company officials said when announcing the voluntary bankruptcy filing on Dec. 12.
Officials at The Great Atlantic & Pacific Tea Co. Inc. said the company will have access to $800 million in debtor in possession financing to carry on business operations at its 395 stores. In addition to A&P stores, the company operates Pathmark, Best Cellars, The Food Emporium, Super Fresh and Food Basics groceries.
William Hesse, president of Aries Deitch and Endelson Inc., the retail real estate brokerage in Hartsdale, said A&P for now is keeping open stores with fixed lease terms. “I would suspect at the end of the day most if not all of Westchester”™s stores will close or become other markets or other retail,” he said.
