The Real Deal New York

Macklowe taps Douglas Elliman to market 200 E. 59th

It's unclear how many units have sold at the $264M project
By E.B. Solomont | July 17, 2017 02:46PM

Renderings of 200 East 59th Street, the fiberglass animals and Harry Macklowe (Credit: Getty Images, DBOX and Studio AMD for Macklowe Properties)

Six months after launching sales at 200 East 59th Street, developer Harry Macklowe is tapping a new ringmaster to lead the marketing effort.

The fiberglass animals Macklowe Properties plans to install to drum up publicity this spring will stay, but they’ll be joined by a team from Douglas Elliman Development Marketing. Barbara Russo, Natalie Rakowski, Tom Postilio and Mickey Conlon will lead sales.

Located just two blocks from 432 Park Avenue (which Elliman is also marketing), 200 East 59th is more modest that Macklowe and CIM Group’s luxury supertall, with prices starting at $2.1 million. The building is a mix of one- and two-bedrooms, with a trio of three-bedroom penthouses priced north of $15 million. Each unit has a large terrace. The total sellout for the 67-unit building is $264.1 million.

Macklowe paid $86.7 million to acquire the sites in 2014. Last year, he obtained a $116 million construction loan from Singapore’s United Overseas Bank. At the time, the bank also agreed to amend an existing $65 million acquisition loan it issued in 2014.

The 35-story building has nearly 100,000 square feet of residential space. It also features an 18,000-square-foot retail component. Amenities include event catering and in-residence dining from David Burke at Bloomingdale’s.

Sales launched earlier this year, but so far only a handful of apartments are spoken for, based on units that are listed on StreetEasy. Macklowe Properties, which initially handled sales internally, declined to say how many units had sold. Remaining units range from a one-bedroom asking $2.37 million to a two-bedroom asking $7.29 million.