Sotheby's Taps East Coast COO As New CEO

The corporate parent of Sotheby's International Realty has tapped the COO of Sotheby's East Coast operations to be the brokerage's new CEO and president. Kathryn Korte, who managed Sotheby's Manhattan brokers for more than 13 years until 2005, will run the brokerage's 59 offices, including the three in Manhattan.

The release after the jump.

- Tom Acitelli Kathryn Korte Named President and CEO of Sotheby's International Realty, Inc.

NEW YORK - Nov. 8, 2006 - NRT, the nation's largest residential real estate brokerage company, today announced Kathryn A. Korte has been promoted to president and chief executive officer of Sotheby's International Realty, Inc., a member of the NRT family of companies. She also has been named a regional senior vice president for NRT, overseeing the management of 59 brokerage offices and over 2,300 sales associates for Sotheby's International Realty, Inc.

Bruce Zipf, president and CEO of NRT Incorporated, said, "Kathy is an excellent fit for this leadership role because of her keen understanding of the unique needs of the Sotheby's International Realty client and 22 years in a variety of roles with the company. I look forward to working with her and her senior leadership team as we continue to strategically grow and develop the company in select markets."

Korte began her real estate career in 1984 at Sotheby's International Realty in its Manhattan brokerage division. She has held a variety of positions of increasing responsibility, most recently serving as executive vice president and chief operating officer of the company's eastern region, which consists of 23 brokerage offices located within seven markets on the East Coast.

While serving as senior vice president and brokerage manager for Sotheby's International Realty's Manhattan brokerage division from 1992 through 2005, Korte was responsible for nearly tripling profits while increasing sales volume to over $1 billion.

Korte is a member of the Westchester Board of Realtors and the Real Estate Board of New York (REBNY). She served on REBNY's Inter-Firm Committee from 1992 to 2004 and on its Board of Directors in 2003 and 2004. She graduated with a B.A. in Political Science from Franklin & Marshall College.

Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house and represents fine properties at a range of price points. Under NRT ownership today, Sotheby's International Realty, Inc. owns and operates brokerage offices in key metropolitan and resort markets, including London; Manhattan; The Hamptons; Westchester County; Greenwich, Conn.; Litchfield County, Conn.; Cape Cod; Palm Beach, Fla.; Southern California; San Francisco; Monterey Peninsula; Sonoma; Sun Valley, Idaho; Santa Fe, New Mexico; and Jackson Hole, Wyo.