Compass out, Elliman in at Ben Shaoul’s
196 Orchard Street

Developer also booted brokerage from Luminaire in February

TRD New York /
Jul.July 14, 2017 10:00 AM

From left: Elliman’s Susan de Franca, Compass’s Leonard Steinberg, Ben Shaoul and 196 Orchard Street

New development marketing can be even more brutal than fashion. One day you’re out, and the next day you could be out again.

Ben Shaoul’s Magnum Real Estate Group has removed Compass from another of its new developments, the 96-unit condominium rising next to Katz’s Deli at 196 Orchard Street. Sources told The Real Deal that Douglas Elliman will be taking over sales at the Lower East Side property.

In confirming the new development pickup, Elliman president Susan de Franca said Reid Price, Justin Tuinstra and Glenn Davis will lead the marketing effort.

Compass spokesperson Julie Binder confirmed that the firm was no longer on 196 Orchard, and wished Elliman the best. Shaoul could not be reached for comment. The developer’s decision mirrors one he made in February, when he replaced Compass with Corcoran Sunshine at the 138-unit Luminaire in Gramercy.

Compass’ Leonard Steinberg launched sales at 196 Orchard, which has a total projected sellout of $206.8 million, in September. It’s unclear how many units the brokerage has been able to sell since then.

The removal is another pinch for the venture capital-backed firm’s new development division, which is reportedly struggling with sluggish sales at RFR Holding’s 94-unit condo at 100 East 53rd Street. It has, however, secured an exclusive contract to market Yitzchak Tessler’s 72-unit Midtown condo 172 Madison and just took over Siras Oriel Development’s Soori High Line, a 31-unit condo at 522 West 29th Street.

Shaoul can’t be accused of being an Elliman loyalist, however. In April 2016, he removed the brokerage from his 157-unit condo conversion at 100 Barclay in Tribeca, in favor of Corcoran Sunshine.


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

(Credit: iStock)

The city’s rental growth is slowing

Softbank CEO Masayoshi Son (Credit: Getty Images)

The people left behind by SoftBank’s startups

Natasha Page and Jason Walker

Lawsuit: Douglas Elliman broker called me a “mulatto”

Douglas Elliman's Scott Durkin (Credit: Getty Images, iStock)

Elliman foots bill for agents’ new business tool

Amenity insanity in LA luxe condo market

Amenity insanity in LA luxe condo market

arrow_forward_ios