Compass out, Corcoran Sunshine in at the Luminaire

Shaoul's Magnum is switching out sales teams at Gramercy condo project

TRD New York /
Feb.February 15, 2017 01:45 PM

From left: Leonard Steinberg, Kelly Kennedy Mack and 385 First Avenue

Compass has taken another hit to its new development roster with the loss of the Luminaire project on First Avenue.

New development marketing giant Corcoran Sunshine is taking over sales at the 138-unit project from the venture capital-backed firm, developer Magnum Real Estate Group confirmed.

The project, at 385 First Avenue, officially launched sales in April 2016. Magnum CEO Ben Shaoul declined to comment on the pace of sales, but 34 of the units were listed as in contract as of press time, per listings website StreetEasy.

A spokesperson for Corcoran Sunshine declined to comment on the switch up and Compass president Leonard Steinberg was not immediately available.

The swap is just the latest blow for Compass, whose new development division has been suffering amid a turbulent market for high-end condos.

In October, Chinese developer CL Investment Group pulled the plug on a $300.2 million luxury condo conversion of the United Charities office building at 287 Park Avenue South in the Flatiron District, on which Compass was slated to have the exclusive.

Also, sales are said to be slow at its other marquee project, a 94-unit condo by RFR Holding and partners at 100 East 53rd Street, despite a couple of high-profile celebrity deals with George Clooney and Cindy Crawford.

For now, Magnum is still retaining Compass for its Lower East Side project at 196 Orchard Street . The company also has exclusives at several boutique projects Downtown, including a seven-unit condo at 152 Elizabeth Street and six-unit building at 347 Bowery.

Compass is gaining traction in other markets and recently inked an exclusive to market units at the Harrison, a 49-story, 298-unit residential tower in San Francisco.


Related Articles

arrow_forward_ios
Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Elsa Segura (left) was arrested in connection to realtor Monique Baugh's (right) murder (Credit: iStock)

Second suspect charged in real estate agent’s abduction, murder

Clockwise from top left: John Gomes, Ronita Kalra, Eric Beniam and McKenzie Ryan (Credit: Getty Images, iStock, Wikipedia)

“We’re putting ourselves in situations where anything is possible”: Real estate agent’s killing rattles industry

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

35 Sidney Place (bottom) and 22 Lefferts Place (top) in Brooklyn

Brooklyn Heights townhouse is priciest Brooklyn contract

157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

250th Issue

The Real Deal celebrates 250 issues

arrow_forward_ios
Loading...