With no domestic buyers, Cassa NY replaces Prodigy with Bracha

TRD New York /
Oct.October 13, 2010 04:00 PM

Cassa NY, Ilan Bracha and Rodrigo Nino of Prodigy

The developers at Cassa NY Hotel and Residences have swapped brokers, after roughly 40 percent of the Midtown project’s 57 units sold. Prudential Douglas Elliman’s the Bracha Group, led by Ilan Bracha, has taken over sales, replacing Prodigy Network.

Solly Assa, president of Cassa developer Assa Properties, said he made the switch in an effort to attract more domestic buyers — thus far, only international buyers have snapped up units at Cassa, located at 70 West 45th Street near Sixth Avenue.

“Prodigy is a great group — they’re just more focused on international,” Assa said, noting that his team preferred to have more of a mix of international and domestic buyers.

Prodigy’s contract as the exclusive brokerage for Cassa expired roughly two weeks ago.

So far, the 48-story building has attracted buyers from France, Israel, Mexico and Argentina, among other countries. Still, Assa said he’s optimistic that local “professional” types might be interested in the building.

“It appeals to someone who’s coming from outside [the city], who wants it to be a second, third or fourth home, [but] in the local market, it will appeal [to] a single, working guy,” Assa said.

Of the 40 percent of the units that have sold, 20 have closed so far. The building received its temporary certificate of occupancy about a month ago, Assa said. Units there start at around $980,000 for a studio and climb upwards of $20 million for larger, penthouse-style apartments.

Neither Ilan Bracha, nor representatives from Prodigy immediately responded to requests for comment.

International buyers have continued to be a driving force in the New York City residential market, accounting for an estimated 10 to 15 percent of all sales in the city, the New York Times reported earlier this week.

 

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