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Vector Group Ltd. (NYSE: VGR) today announced the launch of New Valley Ventures, an investment vehicle seeking opportunities in next-generation technologies in the property technology (PropTech) space. New Valley Ventures will invest in promising PropTech startups committed to supporting rapid transformation of the real estate industry for the benefit of the agent experience.
In connection with the launch, Vector Group also announced New Valley Ventures has acquired an ownership stake in Rechat, a lead-to-close fully-mobile technology dashboard for real estate agents. New Valley Ventures’ affiliate, Douglas Elliman, is the largest residential real estate brokerage firm in the New York Metropolitan area and the sixth-largest in the United States.
Douglas Elliman Parent Company Launches Proptech Fund
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Howard Lorber s Vector Group Launches VC Arm
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Vector Group launches new proptech fund | Real Estate Weekly
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Douglas Elliman chairman Howard Lorber (Getty)
Resilience and rebound were Howard Lorber’s themes as he announced Douglas Elliman’s performance for the final quarter of 2020.
“We’re feeling very good about New York at this particular time,” said Lorber, Elliman’s executive chairman and CEO of its parent, Vector Group, on the latter’s fourth quarter earnings call. “It definitely stabilized.”
The city’s sluggish sales market, which historically accounts for about 70 percent of Elliman’s revenues, had been dragging down the firm’s business since the onset of the pandemic even as sales surged in Florida and the Hamptons.