Sotheby’s takes over condo sales at 212 Fifth Avenue

Developers sued Town last month to terminate its exclusive

TRD New York /
Feb.February 13, 2017 04:10 PM

Nearly a month after giving Town Residential the boot, the developers of 212 Fifth Avenue tapped Sotheby’s International Realty to market the 47-unit luxury condominium conversion in NoMad.

Twenty-three of the building’s apartments are in contract, according to the developers, a joint venture between Robert Gladstone’s Madison Equities, Joseph Sitt’s Thor Equities and Connecticut-based Building and Land Technology. Sotheby’s Nikki Field, Kevin Brown, Mara Flash Blum and Brad Ingalls are tasked with selling the rest of the units — which range in price from $4.1 million for a two-bedroom to $68.5 million for the building’s top penthouse. The 15,000-square-foot triplex is priced at $4,566 per square foot.

While the marketing shakeup coincides with a softening luxury market, it also comes with behind-the-scenes intrigue between developers and brokers.

Sitt was a co-owner of Town until July 2016, when founder and CEO Andrew Heiberger bought out his stake. Last month, the developers of 212 Fifth sued Town on the grounds that the firm resisted being replaced on the project even though it hadn’t met certain sales benchmarks. By October, 56 percent of units were to be sold, according to court papers.

Notably, BLT is the largest franchisee of the Sotheby’s real estate brand. While BLT doesn’t own Sotheby’s New York office, it controls 28 other offices in the Northeast with 1,000 agents combined.

“They wanted the Sotheby’s brand,” said Field, noting BLT’s decision to bring Sotheby’s onto the project.

Field said she’s optimistic about the luxury market, which has been gaining momentum in the wake of the U.S. election. And she predicted sales momentum at 212 Fifth would pick up further now that the building is complete. For that reason, the penthouse won’t be released for another few weeks.

According to Field, closings will begin next week and move-ins are scheduled to start March 1.

Along with residences designed by Pembrooke & Ives and David Helpern, building amenities including a dining room and catering kitchen, screening room and golf simulator.

Last year, Gladstone told The Real Deal that he and his wife, Corcoran Group agent Marie-Claire Gladstone, planned to move to 212 Fifth when the development is complete. “We’ll choose from what’s left over,” he said.

The developers bought the 220,000-square-foot building from Extell Development for $260 million in 2015. They landed a $275 million construction loan from iStar Financial to cover acquisition and construction costs.


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