The Real Deal New York

Half-sold 75 Wall switches brokers

Despite rumors, building stays condo and trades Corcoran Sunshine for Elliman

June 05, 2012 06:00PM
By Guelda Voien

From left: Ariel Cohen of Prudential Douglas Elliman, 75 Wall Street and developer Ben Hakimian

Prudential Douglas Elliman has taken over marketing of 75 Wall Street, the new development residential condominiums that sit atop the Andaz hotel, from the Corcoran Sunshine Marketing Group. The building, at Water Street in Lower Manhattan, is also now 50 percent sold, according to the project’s developer, the Hakimian Organization.

Ariel Cohen, head of an eponymous group at Elliman, is now spearheading sales at the 364-unit tower, taking over from Corcoran Sunshine Marketing Group, which had reportedly sold 175 units there. Corcoran Sunshine did not immediately respond to request for comment.

In February, there was speculation that the property was going rental amid slow sales. But things have picked up, according to Ben Hakimian, president of the Hakimian Organization. The “current momentum is a testament to … our unbeatable amenities platform,” he said in a statement released to The Real Deal. A spokesperson for Hakimian said there are no plans to convert the building to rental at this time.

“Since partnering with Douglas Elliman Development Marketing earlier this month, we have already received more than a dozen offers, and we are looking forward to a very busy summer season,” Hakimian said.

Ariel Cohen could not immediately be reached for comment.

The Hakimian Organization and partners bought 75 Wall Street for $185 million from JPMorgan Chase in 2006, and converted it to condominiums shortly thereafter. Corcoran Sunshine had exclusively marketed the building since sales began in 2009.

The building offers residents a yoga studio, multi-media lounge, and rooftop lounge and terrace.

Condos range in size from 440-square-foot studios to 3,420-square-foot penthouses and in price from $685,000 to $7.75 million. Buyers are also eligible for a 421-G tax abatement, according to the statement from Hakimian.

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