Changing Horses Midstream

David Goldsmith

All Powerful Moderator
Staff member
Macklowe taps Compass to sell 1 Wall Street
Condo conversion has a $1.7B projected sellout

Developer Harry Macklowe is shaking up the sales team at 1 Wall Street ahead of the condo project’s official sales launch.
Macklowe Properties has tapped Compass to replace Core Real Estate to sell units at the Financial District tower, according to sources.

As one of the largest office-to-residential conversions in New York history, 1 Wall Street is slated to have 566 units with a projected sellout of $1.7 billion, according to an offering plan approved in 2018.
Core, which is part-owned by the Related Companies and Midtown Equities, did not immediately comment. The boutique firm, run by Shaun Osher, had been involved in planning at 1 Wall Street since the pre-development phase.
In a statement, Macklowe thanked Osher and Core for being “tireless advocates” of 1 Wall Street.

“Over five years ago, we engaged Core to undertake the pre-development phase of this project and they were instrumental in helping us craft” the building’s amenities, floor plans, pricing, marketing and design, the developer said in a statement. The work “was validated by our very successful global outreach to pre-sell the building.”

Sources said Core sold about 10 percent of the building to Asian buyers, but selected a larger firm to sell the rest of the project. Harry Macklowe and Elizabeth “Libba” Stribing, who sold her eponymous firm to Compass in 2019, have a relationship dating back decades.

Macklowe Properties purchased the 51-story Art Deco tower for $585 million in 2014. After a series of delays, the developer nabbed a $750 million construction loan in 2018 from Deutsche Bank to convert the building to condos with retail at the base. Macklowe’s partner is Qatari billionaire and former prime minister Sheikh Hamad Bin Jassim Bin Jaber al-Thani (HBJ).

While low inventory and demand for suburban living has bolstered the national housing market, the opposite is true in New York City. Manhattan new development sales plunged nearly 40 percent during the third quarter, according to Miller Samuel, while supply surged 73.8 percent. The average marketing time — 267 days — is now at its highest point in more than eight years.

Developers have rejiggered marketing strategies accordingly, with broker swaps and discounts.
Unlike Macklowe’s 432 Park Avenue, 1 Wall is billed as more affordable luxury, with prices around $2,500 to $3,000 per square foot. There is a 13,000-square-foot penthouse, however, which has not yet been priced. The building is currently under construction.
 

David Goldsmith

All Powerful Moderator
Staff member
New development condominium projects changing their marketing teams isn't big news. Some projects are on their 3rd teams. But changing the name of the project is much more rare. The others escape me, but from memory this is at least the second time a project has changed it's name when the Serhant. brokerage has taken over marketing somewhat recently. In the past this has usually been reserved for projects which were in trouble (like foreclosure filings against developers). Perhaps this is just to start with a clean slate and the marketing buzz which comes from announcing a "new" project.

OTOH how do buyers feel who have already signed contracts at the building? What signal does it send to them? It will be interesting to see if this comes along with any price chops, and how well/quickly these units sell in this uber-hot market for New Dev condos in Manhattan.
The end of an Era: Serhant takes over sales at cantilevered UWS building

Brokerage rebranding distinct condominium as The Westly​

Serhant is bringing the Upper West Side a new Era — or rather, The Westly.
Ryan Serhant’s eponymous brokerage will take over sales at the distinct cantilevered building formerly known as Era at 251 West 91st Street, Serhant announced Tuesday.
Developers Adam America Real Estate and Northlink Capital launched sales while the 20-story building was still under construction in June 2021. Under Serhant, the building will now be known as The Westly.
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“We can put our projects in front of more eyeballs than anyone else, in terms of both mass marketing and targeted marketing,” Serhant said. “Our goal is to sell out the project! And we will.”
The 52-unit building, designed by ODA Architects, features an array of upscale amenities, including a rooftop pool with recreational and lounge areas, 24-hour concierge, fitness center, music room, gaming room and more.

However, it’s the cantilevered design that makes it hard to miss. The distinctive structure, which juts out above retail shops below, has sparked backlash from locals.

Some Upper West Side residents went as far to start the Cantilever Opposition Group, which last year sought to shut down construction. Members called the building “ugly” and claimed it was harming the neighborhood’s aesthetic. After the group filed a zoning challenge, the Department of Buildings told Crain’s the building complies with building codes and zoning.

The brokerage kicked things off with an Instagram Live announcement Tuesday afternoon, with Serhant offering a behind-the-scenes look at the filming of a new video from inside the property.
Serhant is hoping to use its marketing tactics to give sales a boost in the building, which has no more than four units per floor. Prices start at $2.63 million for a two-bedroom unit to $13.5 million for a five-bedroom.

“Our company was built as the only content-to-commerce real estate firm,” Serhant said, pointing to his firm’s in-house branding team, film studio and new development division.
Shlomi Reuveni, president and CEO of Reuveni, confirmed the end of the company’s sales duties at the building in a statement. Reuveni was involved in the planning and design phases for the building, which he called “a wonderful project and a great new addition to the Upper West Side.”
 

David Goldsmith

All Powerful Moderator
Staff member

Corcoran is taking over sales at 111 West 57th Street​

Douglas Elliman replaced at SHoP-designed Billionaires’ Row supertall​

Corcoran has secured another foothold on Billionaires’ Row.
The brokerage is taking over sales at 111 West 57th Street from Douglas Elliman Development Marketing, according to a spokesperson for the building. Michael Stern’s JDS Development Group, Property Markets Group and Spruce Capital Partners are the developers behind the SHoP Architects-designed supertall condo.
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The change comes after the Douglas Elliman arm was appointed in July 2018 for marketing and sales, which launched that September.
Sales will now be led by a Corcoran team of Joe Alvarez, Kane Manera and Janet Wang. Alvarez is a sales director at Corcoran Sunshine Marketing group, the brokerage’s new development arm, but the spokesperson said the building’s sales fall under the Corcoran Group.

A spokesperson for Douglas Elliman Development Marketing said the group “is extremely proud of its achievements” during its work with the developers, which included “numerous and notable record-breaking sales during one of the most complex and challenging times in our city’s history.”
“We wish everyone continued success in their future marketing efforts,” the spokesperson said.

Corcoran President and CEO Pam Liebman said the brokerage was “thrilled to oversee sales for 111 West 57th Street, which is, without question, an incredibly unique offering.”

The 1,428-foot tower is the second-tallest residential building in the Western Hemisphere, built from the original landmarked Steinway Hall property. The supertall offers 60 residences, 14 in the landmarked building and 46 full-floor and duplexes.
The building’s total sales progress is unclear, as it doesn’t publicly report its contracts. However, the address made headlines for closing sales at breathtaking prices.

In May 2019, a penthouse went into contract at close to its asking price of $58 million, the developer told the Wall Street Journal. Two units, both asking around $30 million, went into contract within two months, the Journal reported in June 2020.
The contracts included a 70th-floor unit — showed only virtually — asking $30.5 million and a three-bedroom unit on the 64th floor asking $30 million.

The building last month notched the top contract signed between Nov. 29 and Dec. 5, according to Olshan Realty’s weekly report.
The 4,492-square-foot unit in that deal was asking $21.5 million. The three-bedroom residence includes a 37-foot great room and a 21-foot den, both facing Central Park, and was purchased fully furnished.

JDS Development’s Stern pointed to Corcoran’s “incredible track record of success on Billionaire’s Row.”
“We look forward to working with them to sell out the building and showcase our homes,” Stern said in a statement. “We are thankful to Douglas Elliman for their work to date and look forward to collaborating with them on other projects.”
 

David Goldsmith

All Powerful Moderator
Staff member

Corcoran Sunshine takes over sales at 611 West 56th Street​

Developers point to brokerage’s results at Waterline Square​

Corcoran Sunshine Marketing Group is expanding its sales reach from Billionaires’ Row to Architect’s Row, taking over sales at a condo tower in Hell’s Kitchen.
Corcoran will replace Compass at 611 West 56th Street, where developers Sumaida + Khurana and LENY said they opted for the change because of the group’s strong sales at nearby Waterline Square.

The 35-story tower wrapped in Perla Bianca limestone at West 56th Street and 11th Avenue is in an area sometimes called Architect’s Row for the intricate buildings that have sprung up in the neighborhood. The nearly completed building will overlook the Hudson River and feature a modern, white finish.

“We are confident they will help us finish strong,” said Amit Khurana, founding partner of Sumaida + Khurana. “Compass played an important role in launching this development, so we are grateful to them for their significant contributions to this remarkable building.”

Justin D’Adamo, head of new development at Compass Development Marketing Group, said the group was “pleased” to have represented the developers “during a challenging market,” and believe the project “will be very successful at market pricing.”
The change comes almost two months after Corcoran took sales over from Douglas Elliman on Billionaire’s Row at 111 West 57th Street.

The West 56th Street building has 77 residences from one to four bedrooms, larger duplex “maisonettes,” full-floor homes and a penthouse. Pricing starts at just over $1 million; four-bedroom units ask up to $11.45 million.
It’s the second New York City building by Sumaida + Khurana designed by a Pritzker winner. The firm’s building at 152 Elizabeth Street in Nolita was designed by Japanese architect Tadao Ando, who won the prize in 1995. Siza, based in Portugal, won the profession’s top distinction in 1992.

John Catsimatidis acquired the site in 2001 for an undisclosed price. In February 2015, the grocery store magnate and former mayoral candidate sold the buildings at 609 West 56th Street and adjacent 823 11th Avenue to Sumaida + Khurana and LENY for $55 million.
Highlighting the new architecture and the completion of Riverside Park, Kelly Mack, president of Corcoran Sunshine, said the West Side has undergone a “transformation.”
 

David Goldsmith

All Powerful Moderator
Staff member

With zero units sold, Tribeca project turns to Serhant​

Brokerage rebrands ABN Realty’s 19 Park Place “Iris TriBeCa”​

Serhant is taking over sales at another building.
This time, the brokerage will be marketing 19 Park Place, which at one time was called Tribeca Royale. The condominium will relaunch sales as “Iris TriBeCa,” an identity created by Serhant’s new development team in partnership with ID Lab, the firm’s in-house branding team.

It’s the 21st new development in just under 18 months for Serhant, which also manages sales and marketing for the Westly, Jolie at 77 Greenwich, Brooklyn Point, Quay Tower and Huxley, a total of over $10 billion in new development inventory.

Iris TriBeCa was developed by ABN Realty and designed by Ismael Leyva Architects. Kelly Klingman and Andrew Klima, both agents at Serhant, will manage sales on behalf of the firm. Prices at 19 Park Place start at $1.15 million.

Sales at the building were launched before Covid and were previously managed by Brown Harris Stevens. None of the 24 units has been sold.

Serhant has been rapidly expanding. The brokerage announced its new Hamptons outpost at the start of the month. Last week, it was announced that the firm will be marketing a project upstate, in Stone Ridge.

Jennifer Alese, head of Serhant New Development, said the brokerage aims to reinvigorate buyer interest in 19 Park Place. In a statement, she called it “architecturally stunning.”

The building stands 21 stories tall and units range from studios to three-bedrooms. Residences span a half floor or are floor-through, with each featuring floor-to-ceiling glass curtain walls, frameless glass balconies and argon-filled windows that block sound and UV rays.

Building amenities include an outdoor landscaped terrace with water feature, residents’ lounge with screening area, fitness center, rooftop terrace and a double-height lobby with a 19-foot waterfall and a 13-foot custom glass blown chandelier by Bel Vetro Studios.
 
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