New Valley LLC

New Valley is an American investment company owned by Vector Group.^[4]

New Valley LLC

Company type	Subsidiary
Industry	Diversified holding
Founded	1986; 39 years ago (1986)
Founder	Bennett S. LeBow
Headquarters	Miami, Florida , United States
Key people	Bennett S. LeBow (chairman) Howard Lorber (president and CEO)
Products	Real estate Property management
Revenue	$1.7 billion (2015)
Net income	$59.2 million (2015)
Total assets	$1.3 billion (2015)
Number of employees	1,090 (2015)
Parent	Vector Group
Website	www.newvalley.com
Footnotes / references [1][2][3]

History

Western Union was renamed New Valley in the early 1990s as the corporate parent of all Western Union-related businesses. In 1994, New Valley sold its Western Union businesses to First Financial Management (later acquired by First Data) for $1.2 Billion.^{[5][citation needed]}

After more than 100 years of being a publicly traded entity, New Valley became a wholly owned subsidiary of Vector Group on December 13, 2005 when Vector Group acquired the remaining 42.3% of New Valley's common shares that it did not already own. New Valley presently has a 70% stake in Douglas Elliman, the largest residential real estate brokerage in the New York metropolitan area.^[6] The company also has stakes in various hotels and golf courses in the United States. In conjunction with the spin-off of its Ladenburg Thalmann subsidiary New Valley retained a 7.6% stake in Ladenburg Thalmann Financial Services, an investment bank and stock brokerage based in Miami.