Brokers WeeklyDecember 14, 2011Shaun Osher's Core has acquired residential real estate brokerage R.P. Miller & Associates, a firm founded by industry stalwart Reba Miller in 1998, Core told The Real Deal today. Miller will take the role of managing director of sales at Core, the company said, overseeing the firm's agents and resale business.
Osher confirmed that Miller would be bringing a few "select" members of her team at R.P. Miller & Associates to Core; "less than 10," he said, declining to reveal their names. Susan Rubell, an agent at Miller's namesake company based at 115 East 57th Street, said she and Lee Frankel would be joining Core, effective next week, but said she could not speak for anyone else. It was not immediately clear how many brokers R.P. Miller & Associates has, but the state Department of State's website shows four licensed brokers in total.
"I have admired and have been friends with Reba for over a decade," said Osher, Core's CEO, who declined to disclose the cost of the acquisition because both firms are privately held companies. "She has one of the finest reputations in the industry."
Miller has sold over $1 billion in real estate over her 27‐year career, Core said, and helped L+M Partners CEO Ron Moelis find a pre‐war apartment at 900 Fifth Avenue earlier this year.
Miller, who was not available for further comment, added in a statement that Core's business model was "complimentary to my own way of thinking."
The acquisition is just the latest in a wave of changes at Core, which included the launch of anew website, the development of Core Control, a new listings platform built in collaboration with Streeteasy.com, and the relocation of the firm's headquarters. The firm recently moved
from 417 Fifth Avenue in Murray Hill to a bigger space, about 5,000 square feet, at 104 Fifth Avenue on 15th Street. Core shared its Murray Hill office space with real estate investment firm Midtown Equities, a principal of which, Jack Carye, is a co‐founder of Core.
Miller will be filling a role previously held by Mark Ripka, who left Core earlier this week, Osher said, though the duties of the position will change substantially.
"[Ripka] and Core parted ways on mutual and good terms," a spokesperson for Core said.
Ripka said he was continuing to pursue opportunities and may choose to work with a former business partner on the development side of the market.