The Real Deal New York

Chetrit taps Elliman’s Roger Erickson to market condos at 550 Madison

Oetker will operate 170-key New York Masterpiece hotel at property

January 04, 2016 02:45PM
By E.B. Solomont


From left: Roger Erickson and rendering of 550 Madison (credit: DBOX)

The Chetrit Group tapped Douglas Elliman’s Roger Erickson to handle sales at 550 Madison Avenue, the former Sony Building, which the developer is converting into ultra-luxury condominium units, including a $150 million penthouse, sources said.

Erickson, a veteran agent who spent more than a decade at Sotheby’s International Realty, joined Elliman in November. He is also a former CBS Records executive whose client list includes major artists like Bono and Madonna.

“He was hired to do Sony,” said Clipper Equity’s David Bistricer, who partnered with Chetrit on the project. “We interviewed him, and Douglas Elliman hired him specifically for this project.”

An Elliman spokeswoman said Raphael De Niro and Daniela Kunen will also be part of the sales team.

Chetrit and Clipper Equity are aiming for a total sellout of $1.9 billion for the 96 condos at 550 Madison, according to the offering plan.

Despite mounting concerns in the market about a glut of ultra-luxury condominiums, Bistricer said he is confident about the project’s pricing.

“The proportions of the building are just phenomenal,” Bistricer said.

The Robert A.M. Stern-designed conversion is currently in a “soft sales” phase, he said. Construction began in March.

The developer recently inked a deal with Oetker Hotel Management Company – the German hotel operator behind the Bristol in Paris – to run the hotel at 550 Madison, according to a Nov. 27 amendment to the offering plan.

On its website, Oetker said the New York Masterpiece hotel will open in the spring of 2018. It will have 170 rooms, including 60 suites, as well as a gourmet restaurant, lounge, pool and spa.

“It’s one of the best-known chains in Europe,” said Bistricer, who said the developers wanted the project to have a hotel from Day 1. “We felt for the condominiums, the right thing would be a very high-end hotel,” Bistricer said. “One services the other. It will be a perfect fit.”