To sell out District, developer turns to BHS

New York /
Mar.March 09, 2009 02:01 PM

After JC DeNiro & Associates sold out 80 percent of District, developers Africa Israel, Wonder Works Construction and Urban Equities NY dumped the company in favor of Brown Harris Stevens, to market the remaining 20 percent of the apartments in the 163-unit building at 111 Fulton Street.

Switching sales and marketing firms has become common practice for developers as sales have slowed over the last several months.

“[JC DeNiro] sold 80 percent of the units” without much fanfare, said developer Joseph Klaynberg. “We decided to change the firm so we could have bigger exposure to the world.” Brown Harris Stevens Select, the new development marketing division of Brown Harris Stevens, has begun marketing the building to international buyers, he said.

DeNiro, which had signed an agreement with the developers to sell up to 70 percent of the building’s units, “couldn’t draw major brokers,” and made most of the sales through “mom and pop little shops who brought the purchasers,” Klaynberg said. JC Deniro, which handled sales for the District since sales began in June or July 2007, has suffered another blow with its recent closure of its Upper West Side office.

Jack DeNiro, founder of JC Deniro, could not be reached for comment.

Since changing firms two weeks ago, three more contracts have been signed at District, Klaynberg said. The remaining units are all penthouses with an average price of $900,000 and a per-square-foot average price of more than $1,000, he said.

The rest of the units, Klaynberg said, are “going to be an easy sale…[We will] finish by the end of July without discounting anything.”

District opened for occupancy three months ago, Klaynberg said.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Atria Senior Living promises vaccines to residents. (Getty, Atria)
Senior living operator promises vaccine with a lease
Senior living operator promises vaccine with a lease
The average price of a London home rose above 500,000 pounds, or roughly $685,000, for the first time. (Getty)
London home prices hit new high
London home prices hit new high
Atlantic City Mayor Marty Small supports Carl Icahn, who owns Trump Plaza Casino. (Getty, Marty Small via Instagram)
Carl Icahn pulls plug on auction to demolish Trump casino
Carl Icahn pulls plug on auction to demolish Trump casino
City planning chairperson Marisa Lago and Mayor Bill de Blasio. (Global Philanthropy Forum, NYC, Getty)
Ex-City Planning officials criticize “hollow” hotel permits proposal
Ex-City Planning officials criticize “hollow” hotel permits proposal
Bank OZK CEO George Gleason (Photos via Bank OZK; iStock)
Bank OZK’s Q4 was “strong end to challenging year”
Bank OZK’s Q4 was “strong end to challenging year”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...