The Real Deal New York

Elliman’s Eklund Gomes team to market Modern 19

Pair land assignment for Erez Itzhaki's boutique condo on 138 West 19th Street
By Tom DiChristopher | June 23, 2014 03:20PM

Developer Erez Itzhaki tapped Douglas Elliman’s Eklund Gomes team to exclusively market his boutique condo building, Modern 19 at 138 West 19th Street.

Sales will launch this week at the Chelsea building, putting to rest questions over whether the developer would sell or lease the property’s five units.

“We waited for the building to be move-in ready to asses our options as far as leasing or selling the homes,” Itzhaki told The Real Deal in an email. “Based on the current market we are confident in our listing prices.”

The building is divided into a triplex penthouse, a ground-floor duplex and three floor-through apartments. The 2,400-square-foot penthouse will hit the market with an asking price just under $6 million and includes an outdoor space with a kitchen and hot tub. The three 1,200-square-foot apartments will be priced between $1.7 million and $1.8 million. The list price for the roughly 2,000-square-foot duplex is $1.8 million.

Modern 19 follows in the footsteps of Itzhaki’s similarly fashioned 15-unit Modern 23 at 350 West 23rd Street. Prices for sales at that property have ranged from $1.5 million for a one-bedroom unit in 2010 to $3.95 million for a three-bedroom penthouse in 2011, according to data on StreetEasy.

Tenants can move in immediately to Modern 19. The property adds new high-end condo supply in an area with little on offer, says Fredrik Eklund.

“It’s the perfect storm for us,” Eklund told The Real Deal. “Although there is more product available west of Ninth Avenue, there is hardly anything for people who prefer a more central Chelsea location on a tree-lined street.”

Eklund and Gomes have been on something of a hot streak of late. Last week, the team announced it would exclusively market another boutique property, Jason Lee of Six Sigma’s 56 Walker in Tribeca. In March, they became exclusive agents for the condos at 5 Beekman Street.

Brown Harris Stevens previously held the listing. The listing agent, Shlomi Reuveni, moved to Town Residential in April.