Extell is developing more than 1,500 units in New York. Now it just needs a sales director

"You’re going to be under a microscope for years": source

TRD New York /
Aug.August 27, 2018 07:00 AM

A wanted poster and Central Park Tower at 217 West 57th Street (Credit: Extell via Curbed NY)

Extell has billions of dollars worth of development underway. Now all it needs is a sales director.

Gary Barnett’s firm confirmed Friday that it’s searching for a head of sales and marketing, following the departure of Anna Zarro earlier this summer. Zarro, who is still consulting on Extell’s rental projects, joined the company from Town Residential in October 2016. Zarro could not be reached for comment.

For one of the city’s most prolific developers, the top sales and marketing job is a key role, but Extell has had something of a revolving door. Zarro replaced Elaine Diratz, a Corcoran Sunshine Marketing Group alum who left to join Town in 2016.

Multiple sources said the developer has tapped an executive search firm, Ferguson Partners, to help fill the role. Some possible candidates are rumored to include Andy Gerringer, head of new business development at the Marketing Directors; Stephen Kliegerman, president of Terra Development Marketing, which includes Halstead Property Development Marketing; and James Lansill, a managing director at Corcoran Sunshine Marketing Group. All three individuals declined to comment. A representative for Corcoran said Lansill is not leaving the firm.

One sales director who interviewed for the job put it this way: Extell has great projects, but it also comes with a notoriously demanding work environment.

A spokesperson for Extell confirmed the developer is looking for a head of sales and marketing to work on “some of the city’s most exciting and transformative developments ever built.”

Diratz only had positive things to say about Barnett, but acknowledged that being sales director at the firm is a tough job that requires years of new development experience.

But those familiar with Extell’s pipeline said the job — and volume of inventory to move — is daunting.

“He’s got some really tough projects,” said one new development executive. “You’re going to be on the line all the time. You’re going to be under a microscope for years.”

Extell is one of the most active developers in the city with a pipeline that includes 2.99 million square feet and some 1,567 residential units, according to an analysis of building permits by The Real Deal.

The developer’s active projects include One Manhattan Square, an 80-story condo with a sellout of $1.9 billion, and One57, which still has sponsor units left to sell.

There’s also Central Park Tower, a 179-unit project with a projected sellout of more than $4 billion. Sales have not yet officially launched.

Extell landed a $1.14 billion financing for the project, which requires the developer to sell $500 million worth of apartments by 2020. However, that benchmark shouldn’t be hard to reach, according to TRD’s analysis of condo sales this year.

In March, Jason Karadus resigned as sales director of Central Park Tower.

“This was a very corporate position,” he said at the time. “I gave it six months.”


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Extell lands $690M refinancing package for One Manhattan Square
Council member Laurie Cumbo  and a rendering of the Bedford-Union Armory (Getty; Bedford Armory)

Student suspended after blasting lawmaker’s pro-development stance

Student suspended after blasting lawmaker’s pro-development stance
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale, Wafra seek $860M to redevelop 111 Wall Street

Nightingale, Wafra seek $860M to redevelop 111 Wall Street
Clockwise from left: 950 University Avenue in the Bronx, 27-55 Jackson Avenue in Queens, 149 Pioneer Street in Red Hook and 416 Metropolitan Avenue in Williamsburg (Google Maps)

EB-5 investor snags Hunters Point resi development: Mid-market sales report

EB-5 investor snags Hunters Point resi development: Mid-market sales report
Tel Aviv Stock Exchange bull (Wikimedia Commons)

NYC developers face downgrades on Israeli bond market

NYC developers face downgrades on Israeli bond market
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)

“Worst place on earth” may be buried underground

“Worst place on earth” may be buried underground
From left: David Singelyn of Homes 4 Rent, Jacque Petroulakis of NextMetro, and Adam Adler of Global City (Photos via Nexmetro, Global City, Singelyn via Cal Poly Pomona)

Developers bet big on build-for-rent in these uncertain times

Developers bet big on build-for-rent in these uncertain times
Claude Wasserstein and 995 Fifth Avenue (Getty, Google Maps, Sotheby's)

Claude Wasserstein relists UES penthouse for $55M

Claude Wasserstein relists UES penthouse for $55M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...