Cendant buys luxury condo broker

Thursday, June 27, 2002 | 11:18 a.m.

Cendant Corp., the franchisor of real estate brokerage powerhouses Coldwell Banker and Century 21, is buying upscale condominium broker Sunshine Group Ltd.

Sunshine Group, which is based in New York and has offices in Florida and Las Vegas, represents building owners such as Donald Trump in the sales of high-end condominium homes.

It has sold more than $6 billion in residential and hotel properties in the last 10 years.

Louise Sunshine, chairman and chief executive of the privately held company, will remain at the helm of the brokerage.

New York-based Cendant acquired the firm through its NRT unit, the largest owner of real estate brokerages in the nation, NRT said.

NRT expanded into New York in 2002, acquiring Corcoran Group, the city's second-largest broker, for about $70 million.

archive