The Real Deal New York

Elliman to add sales firepower to 432 Park

Brought in as co-sales agent for tallest residential building in Western Hemisphere

February 12, 2014 03:10PM
By Hiten Samtani

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From left: Susan de Franca, a rendering of 432 Park Avenue (Credit: DBOX for CIM Group & Macklowe Properties) and Harry Macklowe

From left: Susan de Franca, a rendering of 432 Park Avenue (Credit: DBOX for CIM Group & Macklowe Properties) and Harry Macklowe

Macklowe Properties and CIM Group have officially brought Douglas Elliman Development Marketing on board to help with sales and marketing efforts at 432 Park Avenue. Elliman has been serving as a consultant on the luxury condominium project right from the outset, but will now be its co-exclusive sales agent, a spokesperson for 432 Park told The Real Deal exclusively.

Elliman’s “evolving and expanding role will be an asset to us as we complete the sellout of this fantastic building,” Richard Wallgren, 432 Park’s director of sales, said in a statement. Wallgren will continue to oversee sales at the tower, which is located between 56th and 57th streets and is slated to rise to a height of 1,396 feet – making it the tallest residential building in the Western Hemisphere upon completion.

The 96-story Rafael Viñoly-designed tower, said Douglas Elliman Development Marketing chief executive Susan de Franca, is a “truly unique property of architectural distinction that will forever change the Manhattan skyline. We look forward to our continued collaboration on 432 Park Avenue and to being part of its tremendous success story.”

Renderings of a unit at 432 Park Avenue (Credit: DBOX

Renderings of a unit at 432 Park Avenue (Credit: DBOX for CIM Group & Macklowe Properties)

Recent sales efforts at the project – which Harry Macklowe has referred to as the “culmination” of his life – include sending sales representatives to Moscow’s Ritz-Carlton hotel, which has a reputation of being a popular hangout for Russian oligarchs.  Over half of the tower’s 104 units have already sold, according to a project spokesperson, though half-floor apartments starting at $17.25 million and full-floor penthouses starting at $74.5 million are still up for grabs.

The decision to bring Elliman on at 432 Park continues a recent shift away from marketing big-ticket projects completely in-house. In November, the Related Companies announced a $5 billion partnership with Corcoran Sunshine, the new development marketing wing of the Corcoran Group, to handle the sales of the residential component of its Hudson Yards project as well as other New York City projects.

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