With the New York City luxury condominium market on a long hot streak — resales of condo units are now trading at a 19-year high — developers are rethinking traditional ways of doing business. One dramatic shift: Builders are increasingly plowing ahead with condo projects without putting together a fall-back plan to turn a property into a rental. [more]
Posts Tagged ‘marketing directors’
The Moinian Group has once again switched up its marketing strategy at the W Downtown, this time swapping Richard Nassimi’s team at the Corcoran Group for the Marketing Directors. [more]
The Jefferson condominiums, located at the long vacant 211 East 13th Street between Second and Third avenues, has started preliminary marketing efforts that bank on the site’s history as a vaudeville theatre, according to a teaser website spotted by EV Grieve. The 82-unit ground-up construction — a rarity in the neighborhood — is slated to open an off-site sales office this spring. [more]
The group of developers building an 82-unit condominium building at 211 East 13th Street has hired Jacqueline Urgo, president of the Marketing Directors, to promote the property, which is slated for groundbreaking this summer.
The project, which will occupy a vacant site between Second and Third avenues, is being developed by Ironstate Development, Charles Blaichman, and Abram Shnay and his son, Scott Shnay. They are anticipating completing the project by late 2013. [more]
Dallas-based investment firm Invesco, the new owner of a planned 74-unit condominium conversion at 75 Clinton Street in Brooklyn Heights, has opted to lease the units instead, Crain’s reported, and will bring them to market in early February.
Invesco, which completed its purchase the building last week, has retained the Marketing Directors as the exclusive marketing firm for the building, in which rents will range from $2,800 a month to $7,000 a month. The condo was never declared effective previously. [more]
From left: Donald Trump, president of the Trump Organization, Dottie Herman, president of Prudential Douglas Elliman, Elizabeth Stribling, president of Stribling & Associates, Stuart Saft, chairman of Dewey & LeBoeuf’s global real estate department, and Frederick Peters, president of Warburg Realty Partnership, and Lois Weiss, real estate columnist for the New York Post
Compiled by Lauren Elkies
In the wake of Sandy Weill’s reported $88 million sale of his 15 Central Park West penthouse, The Real Deal wanted to touch base and see if real estate executives had any last minute predictions for the New Year since speaking with the magazine for the December residential market report.
Dottie Herman, president of Prudential Douglas Elliman, and Frederick Peters, president of Warburg Realty Partnership, said to expect 2012 to be a bit of a repeat of 2011, while developer Donald Trump said “really good real estate will have excess value.” Elizabeth Stribling, president of Stribling & Associates, predicts a “continuing strong demand for new condominium offerings all over town,” while Stuart Saft, chairman of Dewey & LeBoeuf’s global real estate department, said “the euro will continue to be in trouble causing a flight to safety to the U.S. and particularly New York City, so New York City properties will trade at even lower cap rates.” Meanwhile, Citi Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman recently told amNY that 2012 would bring more development and fewer amenities to New York City’s real estate market. [more]
Israeli-based property investment firm Fishman Holdings closed on a development site at 5 Franklin Place in Tribeca last week, after successfully bidding for the property at a foreclosure auction in September, and has released some details, including a rendering, of its plans for the site exclusively to The Real Deal.
The firm is planning a 19-story, 58-unit condominium, Yehuda Mor, executive vice president of Fishman, told The Real Deal. Construction on the new development will begin in the first quarter of 2012. Mor declined to comment on the size or price of the units or on who would be marketing the building, saying it was premature.
“We think the time is right to enter the Tribeca housing market,” he said. … [more]
Clockwise from left: Keith Walker and Michael Etra from the Witkoff Group with Kelly Mack, president of Corcoran Sunshine; Harlan Goldberg and Norma-Jean Callahan of 515 East 72 with Howard Margolis of Prudential Douglas Elliman and Lawrence Treglia from Core; Keith Walker and Michael Etra from The Witkoff Group with Jim Sheehan of 515 East 72; and Jordan Weiss of NYCondo & Real Estate and Carey Adina Karmel of Corcoran receive complimentary massages (credit: Jim Cummins)
Real estate pros came out in force Tuesday night for the unveiling of 40,000-square-feet of amenity spaces at 515 East 72nd Street, the 41-story Upper East Side condominium formerly known as Miraval Living.
As previously reported, the 365-unit building parted ways with its former spa after a dispute over delays and payments in October last year and has joined forces with a slightly cheaper alternative spa, named Elements. The new amenity space also includes a newly designed children’s playroom by Jodi’s Gym and private park.
“Between the new amenity offerings in the building and new financing options we have seen an unprecedented interest in 515 East 72nd street. We are currently over 50 percent sold and expect to see that number increase considerably in the coming months,” said Elaine Diratz, senior managing director of Corcoran Sunshine Marketing Group, which is handling the sales and marketing for the development. — Katherine Clarke … [more]
Almost 16 percent of the units in the first completed building at Harrison Station, the new luxury mixed-use development in Harrison, N.J., have been rented since leasing opened two weeks ago, according to Jacqueline Urgo, president of the Marketing Directors, the development’s exclusive leasing and marketing agent. Meanwhile, the restaurant chain Five Guys signed a 10-year lease for a 2,500-square-foot retail space earlier this month, said Greg Russo, a principal at Ironstate Development, which is partnering with the Pegasus Group to develop the 27-acre site. The entire retail space is 15,000 square feet. When completed, Harrison Station will include 2,600 residences, 80,000 square feet of retail and a hotel with up to 140 rooms, which Russo said is the next part of the project to get underway. … [more]
Linden78 apartment from left: the A-line model unit by Thom Filicia and the B-line unit by Meridith Baer & Associates
Linden78, Urban Residential’s once-troubled Upper West Side condominium that relaunched sales late last year, is now 80 percent sold, according to the project’s marketing team. The long-awaited 32-unit project, at 230 West 78th Street, has been here before: Linden78 had nearly sold out in pre-sales during its first go-around on the market, but construction delays forced the developers to let buyers out of their contracts in the spring of 2009. But that threat has vanished now that the building is complete, and apartments are moving quickly. TRD … [more]
From left: 247 W. 46th Street, comedian Rosie O’Donnell, rapper Pras, Marketing Directors’ Adrienne Albert
After nearly four years on the market, the 220-unit Platinum condominium is sold out.
The last five units in the Times Square tower, designed by Costas Kondylis, went into contract in March, according to the Marketing Directors, the sales agent for the building.
Units in the 43-story building sold for an average of $1,350 per square foot, said Allen Goldman, president of SJP Residential Properties, the project’s developer.
It’s been a long road for Platinum, located at 247 West 46th Street at Eighth Avenue. … [more]
Developers at several New York condominiums such as the Sheffield are reviving higher commissions and other incentive plans to sell units, according to the Wall Street Journal. When the Sheffield, at 322 West 57th Street, was reopening earlier this year after a conversion, the owners had nearly 330 units to sell. They held a launch party for agents and offered to increase their commission by a half percentage point for any of the 180 attendees who closed a deal by Nov. 15. More than a dozen of those brokers signed up condo purchasers. … [more]
Rendering of the building’s children’s playroom
The new owners of the Sheffield (formerly Sheffield 57) are tryi … [more]
Two new Battery Park Ctiy condominiums, Liberty Luxe and Liberty Green, opened their sales offices yesterday, according to Curbed. The openings for the Luxe and the Green, which are 32 stories and 22 stories, respectively, come shortly after Fannie Mae agreed to step up its financing on Battery Park City homes. Although floorplans and pricing are currently available for the Milstein Properties-developed buildings, details on the two neighboring properties have emerged. Both properties are seeking LEED gold certification and will include a fitness center, pool and spa. The Marketing Directors is in charge of sales. [Curbed]
Charles Russell, formerly a managing director at Corcoran Sunshine Marketing Group, has moved over to the competition: Prudential Douglas Elliman’s new development division.
Russell, who has worked at the Corcoran Group and Corcoran Sunshine for nearly 20 years, has been named a vice president at Elliman’s development marketing group and his first day was today, according to a spokesperson for Elliman, who added: “Prudential Douglas Elliman is very excited to have him.”
Reached on his cell phone, Russell confirmed that he’s moved to Elliman but didn’t provide further details. The Elliman spokesperson said Russell will be recruiting new business and consulting on new condominium projects. … [more]
The residential market in the New York City metro area has bottomed out, according to Adrienne Albert, CEO of new development marketing firm Marketing Directors, but concessions still abound, for both buyers and renters, she said. Even so, Albert said that the incentives have begun to dwindle as the market stabilizes. “We don’t see this huge dumping of product into the rental market, so that’s why inventories keep coming down and the concessions get tighter,” Albert said. “In the condominium market, there was a time when everybody was terrified; sales came to a halt. You could get 20 percent, sometimes as much as 25 percent, off the list price.” Today, developers are “cautiously optimistic” about the future, Albert said, with a huge uptick in interest from foreign buyers helping to even out the industry.
New York real estate sales and marketing representative Chris Westley of CW Management, whose most recent project was attempting to turn around sales at condominium Linden78 at 230 West 78th Street, is setting up shop in Hollywood. Linden78, Urban Residential’s development, whose exclusive sales and marketing agent is the Marketing Directors, has weathered broken contracts and construction delays and saw around 90 percent of its buyers pull out when the recession hit, the New York Daily News reported. Westley, who is considered by some to be a guru of selling units in troubled buildings, said he plans to use his same repackaging skills on the other coast. “The idea is to generate sales of underperforming properties whose initial efforts didn’t deliver desired results,” Westley said. “My role is to… tweak the asset identity and manage the sales.
In a bid to attract more foreign buyers, the developer of Midtown condominium-hotel Cassa has hired brokerage Prodigy International to handle sales, replacing new development firm the Marketing Directors. Developer Solly Assa, a head of Assa Properties, told The Real Deal today that Prodigy is now the exclusive marketing and sales agent for the 48-story glass tower, located at 70 West 45th Street. “We’re targeting more of an international client,” he said. “Prodigy is really catering to international consumers.” Assa said that the Marketing Directors sold nearly 40 percent of the project’s 57 condo units since sales began in June. The building was designed by Cetra/Ruddy and TEN Arquitectos, the Mexico City firm headed by Enrique Norten. When completed this spring, it will house 166 hotel rooms operated by Desires Hotels. … [more]
The Marketing Directors has replaced Corcoran Sunshine Marketing Group as the exclusive marketing and sales agent at Upper West Side condominium Linden 78 — the latest in a series of shakeups for the project. The Marketing Directors released a statement earlier today announcing that it is now handling sales at the 34-unit condo, which is located at 230 West 78th Street. Corcoran Sunshine has been marketing the building since it went on sale in 2007 and had sold nearly all of the building’s units by the end of 2008. But the project hit a major speed bump in April, when it was required to offer all of its buyers the opportunity to back out of their contracts. More
From the October issue: Zhann Jochinke, an associate broker at Argo Residential, put an alcove
studio on the market last year for $525,000. But the offers that came
in were as low as $390,000. “People were putting bids out there just to
see if the person had to sell,” he recalled. More recently, however, he
convinced the seller to drop the price to around $490,000. Offers began
coming in at “5 percent or less off the asking price,” he
said. Now, the listing is in contract, and expected to close in the
next month. After months of uncertainty, Manhattan buyers and sellers
making a market.