Lenz takes over sales at Apthorp
July 30, 2009 05:30PM By Candace Taylor
Elliman's Dolly Lenz has taken over marketing at the Apthorp
Superbroker Dolly Lenz has been tapped to oversee sales at the Apthorp as the project's deadline to sell 25 units draws near.
The project's owners, Africa Israel Investments and Mann Realty Associates, must sell roughly eight more apartments at the 163-unit Upper West Side condo conversion by September, the time frame set in the offering plan, in order for the condo plan to be declared effective.
Seventeen units have gone into contract so far at the building, according to Howard Lorber, the chairman of Prudential Douglas Elliman, which is handling sales on the project. To sell the remaining units, the sponsors are "bringing out the big guns," Lorber said.
Lenz, an Elliman vice chairman who reportedly sold more than $748 million in real estate in 2006 and was named the country's top broker by the Wall Street Journal in 2007, will be overseeing the Apthorp sales office and supervising the staff, Lorber said.
The decision to bring Lenz in was the owners', not Elliman's, according to Lorber, who said the development team was familiar with Lenz's work and asked her to come on board.
"I always told the sponsors that anyone in the company is available to help," he said, adding that having Lenz's participation is like "an insurance policy" to ensure the units get sold.
Lenz did not respond to a request for comment.
Previously, Howard Margolis, executive vice president and managing director at Prudential Douglas Elliman, headed up sales at the Apthorp.
Margolis told The Real Deal he recently stopped running day-to-day sales at the project because "I wanted to go on to other projects."
Other members of the sales team will continue to work at the Apthorp alongside Lenz, he said.
The Apthorp, built in 1908, spans a full city block from West End Avenue to Broadway and 78th to 79th streets.
Overseeing sales at the iconic building is a coup for Lenz as well, who has recently lost several high-profile developments to Corcoran Sunshine Marketing Group, including mega-projects Manhattan House and Miraval Living. Margolis is another Manhattan House alum.
Despite the recent setbacks, Lenz remains arguably the most famous real estate broker in Manhattan, thanks to appearances in Blackberry ads and as a TV real estate commentator. Recently, she made headlines by renting Rupert Murdoch's estate on the North Fork of Long Island to Brad Pitt and Angelina Jolie for more than $100,000 a month, New York Magazine reported.
After several rounds of price cuts, units at the Apthorp now start at $1.535 million after a bitter feud between the sponsors.
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Comments
Anonymous
She better lower those prices if she plans to sell 25 in 6 weeks.
Comment #1 Posted By: Anonymous 07/30/09
Anonymous
Too many errors in this article. Duplicated words.
Comment #2 Posted By: Anonymous 07/30/09
Anonymous
Well, now the "superbrokers" can demonstrate just how super they really are- not a bad thing, in a really challenging market. Pressure's on, Dolly!
Comment #3 Posted By: Anonymous 07/30/09
Anonymous
how do 10-20 brokers continue to absolutely excel in this business while most of the rest of the 5000 brokers (+/-) in manhattan are sucking wind?
Comment #4 Posted By: Anonymous 07/30/09
Anonymous
# 1 don't you know how to count?; they only need 8 to get to 25. they have 17 deals already
Comment #5 Posted By: Anonymous 07/30/09
Anonymous
how do 10-20 brokers continue to absolutely excel in this business while most of the rest of the 5000 brokers (+/-) in manhattan are sucking wind? They cracked the code, created the contacts and yes they MUST be special. There is no other way. The rest is a heard of sheep. And its almost 9,000 brokers not counting nonRebny people.
Comment #6 Posted By: Anonymous 07/30/09
Anonymous
Lenz have been trying to get rid of margolis for a long time now
Comment #7 Posted By: Anonymous 07/30/09
Anonymous
only morons and corcoran and elliman are still paying rebny
Comment #8 Posted By: Anonymous 07/30/09
Anonymous
Allegedly Rebny makes sure brokers co-broke their listings and they charge to monitor and enforce cobroking. I really dont need to pay Rebny to monitor this and I dont think any broker in this market wouldnt co-broke. I think is time to pay Rebny for doing nothing.
Comment #9 Posted By: Anonymous 07/30/09
Anonymous
Are these listings co-broked?
Comment #10 Posted By: Anonymous 07/30/09
Anonymous
she looks like someone i know.
Comment #11 Posted By: Anonymous 07/30/09
Anonymous
It's surprising they didn't call on Michael Schvo to get the job done.
Comment #12 Posted By: Anonymous 07/30/09
Anonymous
LENZ, SCHMENZ. THIS IS ALL PURE FICTION. Almost none are sold. The conversion is a disaster and the clock is ticking and the desperation is showing. The building is falling apart, poorly run and despite legal battles being settled, the owners hate each other and the banks are ready to foreclose. This whole sad story will not have a happy ending. Buyers beware!
Comment #13 Posted By: Anonymous 07/31/09
Anonymous
This is all just pitiful. A beautiful landmark building, run into the ground by greed and bad taste. Now you can't even give these apts. away! Dolly Lenz is like a nuclear bomb called in when nothing else works. Unfortunately, Dolly Lenz probably can't even save this one. No one with a brain will come near this place now. The Apthorp RIP.
Comment #14 Posted By: Anonymous 07/31/09
Anonymous
2006/7 numbers are bubble numbers- both in sales of properties at inflated pricing (no talent needed- just the ability to jump the highest for the checks)- looking forward to seeing the 2009 #'s for these brokers (if they're made available- I doubt they will).
Comment #15 Posted By: Anonymous 07/31/09
Anonymous
Its funny how all the "posters" here bash everything about every article but have never developed, sold, or built anything in their lives... Good luck Dolly....a bit of good news in this market is needed...Get em sold...
Comment #16 Posted By: Anonymous 07/31/09
Anonymous
Whose idea was it to bring in BP Architects from Argentina? What do they know about preserving a New York landmark such as the Apthorp? This project is steeped in stupidity and mistakes from the "get go!"
Comment #17 Posted By: Anonymous 07/31/09
Anonymous
Why would it be "good news" if people are duped into buying in a building that is a financial and operational disaster?
Comment #18 Posted By: Anonymous 07/31/09
Anonymous
Good choice AFI, Dolly can bring the 6 buyers she sold/unsold to at Manhattan House over to make your quota. Go Get em Dolly!!!!!
Comment #19 Posted By: Anonymous 07/31/09
Anonymous
Dolly must be diong something right. people who buy her listings are not "first time home buyers" and are very savy buisness people.
Comment #20 Posted By: Anonymous 07/31/09
Anonymous
This is just Prudential Douglas Elliman talking to itself. And, by the way, REBNY does a lot. Who else would pay Steve Spinola $600,000 salary a year off the backs of brokers to pander to the needs of real estate developers, who are essentially the sole beneficiaries of the majority of REBNY/Spinola lobbying efforts?
Comment #21 Posted By: Anonymous 07/31/09
Anonymous
The only people dumb enough to buy here would be "first time" home buyers. Savvy business people would run for the hills.
Comment #22 Posted By: Anonymous 07/31/09
Anonymous
PDE is losing ground in the 'real' real estate world. Full of nutty brokers and agents. Never liked PDE and never will. Their unprofessional attitude, lack of current market knowledge and snottiness makes everyone that deals with PDE puke!! Go Corcoran! You ARE still the BEST!!
Comment #23 Posted By: Anonymous 07/31/09
Anonymous
But Dolly doens't co-broke. Everybody knows that. How's she going to get the job done?
Comment #24 Posted By: Anonymous 07/31/09
Anonymous
It is interesting that of the 33 listings at this building that were co-broked only 1 is showing signed contract status. I thought REBNY required updating of status changes such as signed contract. Were the other 16 co-broked or insider sales ?
Comment #25 Posted By: Anonymous 07/31/09
Anonymous
#28, there are probably NO signed contracts, as no one is stupid enough to buy into this mess!
Comment #26 Posted By: Anonymous 08/01/09
Anonymous
Lenz's big listing: 502 Park Ave, PH 29 1,093 Day on the Market 01/25/2006 Listed in StreetEasy by Prudential Elliman at $13,125,000. 01/13/2007 Listing is no longer available. 06/07/2007 Listing entered contract. 09/22/2007 Re-listed by Prudential Elliman. 09/22/2007 Price increased by 3% to $13,500,000. 01/02/2008 Sale recorded for $(insiders only) 03/08/2008 Listing is no longer available. 03/22/2008 Re-listed by Prudential Elliman. 09/04/2008 Price increased by 11% to $15,000,000. 02/19/2009 Listing is no longer available. 03/17/2009 Price decreased by 10% to $13,500,000. 04/29/2009 Re-listed by Prudential Elliman. 07/23/2009 Price decreased by 7% to $12,500,000.
Comment #27 Posted By: Anonymous 08/01/09
Anonymous
#30: A listing on the market for three years, that's gotta be a record!
Comment #28 Posted By: Anonymous 08/01/09
Anonymous
Someone better tell the truth. I live in the building, it's a catastrophe. You've heard of lipstick on a pig, that's the tragedy of the Apthorp. It was a great building butthese thieving owners ran it into the groud. Buyer beware, and I've heard awful things about this Lenz woman.
Comment #29 Posted By: Anonymous 08/01/09
Anonymous
Isn't Lenz the woman who blamed Madoff for her lack of sales?
Comment #30 Posted By: Anonymous 08/02/09
Anonymous
First they (supposedly) had 17 deals, now they (supposedly) have 11. Perhaps all these liars need to get on the same page to keep their stories straight.
Comment #31 Posted By: Anonymous 08/03/09
Anonymous
thank you # 32. what do you expect when Blood-Diamond merchant Lev Leviev takes over a once beautiful building like the Apthorp. He is a pig.
Comment #32 Posted By: Anonymous 08/03/09
Anonymous
The whole thing is a catastrophe. The building is a mess and has major construction problems. Whoever buys now will pay for all that and the owners are counting on it. Sleazy super, poorly run and the building is FILTHY. I live there. I know. Head for the hills, potential buyers. Unless you have $$$ to burn, this is a terrible mistake, I promise you. Why ELSE would PDE have so much trouble unloading these apts.? No one could get an apt. here before, ever. The waiting lists had waiting lists. Now they can't give them away.
Comment #33 Posted By: Anonymous 08/13/09
Anonymous
#33, if its so bad there, why do you live there?
Comment #34 Posted By: Anonymous 08/13/09
Anonymous
#33 Filthy is not the word ASBESTOS is. Try the A building elevator shaft its loaded
Comment #35 Posted By: Anonymous 08/13/09
Anonymous
do they still have money left? 520 million borrowed in 2006. 426 paid for the building. Interest on 520 would easily ran over the difference with the rate in 2006. good luck to everyone, buyers, developers, brokers, tenants. interesting deal project!
Comment #36 Posted By: Anonymous 08/13/09
Anonymous
There is no money left the Apthorp website was shut down for non payment like eberyone else thats not getting paid
Comment #37 Posted By: Anonymous 08/15/09
Anonymous
www.saynotocankles.com
Comment #38 Posted By: Anonymous 08/16/09
Anonymous
Don't worry, Africa-Israel will pull the wool over the eyes of the AG's office by buying the apartments themselves just to get the Offering Plan approved.
Comment #39 Posted By: Anonymous 08/16/09
Anonymous
The can always use Dolly's phone when their office lines get cut off.
Comment #40 Posted By: Anonymous 08/16/09
Anonymous
Comment # 33- why was there waiting lists before but none now? The place is renovated which should be better no? Also, lower prices? So....I don't understand how better product plus lower prices would be harder to sell. Please advise. -Kurt
Comment #41 Posted By: Anonymous 08/17/09
Anonymous
Comment #33 the only renovations that were done were prior to the building sale 2 years ago. These clowns running the building now don't have a clue they haven't completed 1 apartment. There is no infrastructure, talk about lipstick on a pig. This is nothing but a scam!
Comment #42 Posted By: Anonymous 08/26/09