The Real Deal New York

Sotheby’s in, Douglas Elliman out at Stella Tower

10 units remain, including $14M penthouse

September 16, 2015 11:30AM
By E.B. Solomont

From left: Stella Tower and the $14 million penthouse

From left: Stella Tower and the $14 million penthouse

The developers behind Stella Tower have booted Douglas Elliman as the exclusive marketing and sales agent for the Midtown West property, and are entrusting Sotheby’s International Realty to sell the remaining 10 units.

Chris Poore of Sotheby’s takes over for Douglas Elliman’s Vickey Barron and Michael Graves, who sold 60 percent of the units within a month of launching sales in May 2014.

The remaining units include a 3,455-square-foot penthouse asking $13.995 million, or $4,050 per square foot. The four-bedroom pad has more than 1,000 square feet of terrace space.

JDS Development Group and Property Markets Group developed the 51-unit building at 425 West 50th Street in partnership with Starwood Capital Group. The Art Deco building, constructed in 1927, was named for the wife of architect Ralph Walker.

To date, the building’s average sales price is $4.684 million, or $2,782 per square foot, according to StreetEasy.

JDS and PMG are also behind Stella’s sister property, the Walker Tower at 212 West 18th Street, where Barron was the exclusive sales and marketing agent until the building sold out.

Douglas Elliman did not immediately respond to a request for comment.