Cary Tamarkin, High Line Development rejigger marketing strategy at High Line condo project

Ryan Serhant is taking over sales and coined a new name for West Chelsea

New York /
Jan.January 08, 2019 06:30 PM

A rendering of 550 West 29th Street and Ryan Serhant (Credit: CityRealty and Getty Images)

Amid an overload in the Manhattan luxury market, Cary Tamarkin and High Line Development Group have switched marketing strategies and cut prices at their 19-unit West Chelsea condo project.

Sales for “the first handful of units” at 550 West 29th Street are launching Wednesday, according to Nest Seekers International’s Ryan Serhant, who took over marketing from CORE. The mix of three- and four-bedroom units will be priced in the “low $3 million range to $7.5 million,” and more units will hit the market as sales are made. Sales for the condo first launched in fall 2017 with prices ranging from $4.6 million to $13.5 million.

“If you look at how other projects in the neighborhood and beyond are pricing their product, we are so much more competitive,” Eldad Abramove, vice president at High Line Development wrote in an email. “Let us not forget that Hudson Yards is one of the hottest neighborhoods and we are right here!”

But the broker swap and lower prices aren’t the only new things with the project. Serhant has also coined a new name for the neighborhood as part of his marketing strategy: SoHY — as in South of Hudson Yards and pronounced like “so-high.”

“I think it’s the best name ever,” Serhant told The Real Deal. He came up with the moniker as a way to both pinpoint the location of the condo and differentiate it from the towering block of condos steps away at Related Companies’ megadevelopment.

“It’s a different lifestyle,” Serhant said of the 550 West 29th Street. “My hope is for [SoHY] to grow as a residential hub.”

Serhant said he was not concerned about moving the units amid a broader slowdown at the higher-end of Manhattan’s residential market as Manhattan is set to see 20,000 new units come online. “I think buyers are just value conscious… but buyers are still buying apartments everyday,” he said.

The building is split into four simplexes — one-floor units — 12 duplexes and three penthouses. Almost all the units have private terraces and building amenities include a gym, sauna, bike room and 24-hour doorman.

The developers refinanced the project in April with a $72 million loan from Madison Realty Capital. Tamarkin did not respond to requests for comment.

In the original application filed with the state Attorney General’s office the architect-developer was aiming for a project sellout of between $118.9 million and $148.9 million and the plans included a commercial unit. Now, Abramove said they are projecting a $129.5 million sellout.


Related Articles

arrow_forward_ios
(iStock)

Mortgage requests surge ahead of Thanksgiving

Mortgage requests surge ahead of Thanksgiving
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Photos via Foster + Partners and Getty)

Vanke seeks to remove RFR from Midtown condo project

Vanke seeks to remove RFR from Midtown condo project
Hippo founders Assaf Wand and Eyal Navon (LinkedIn)

Home insurance startup Hippo raises $350M

Home insurance startup Hippo raises $350M
Prices increased 6.6 percent year-over-year in September (iStock)

US home prices surged 6.6% in September

US home prices surged 6.6% in September
From left: Edison Properties CEO Robert Selsam, Ironstate Development's Michael Barry, Stellar Management founder Larry Gluck (LinkedIn; Gluck Family Foundation)

These developers could benefit the most from Soho’s rezoning

These developers could benefit the most from Soho’s rezoning
176 North 6th Street and 16 South Portland Avenue in Brooklyn (StreetEasy; Google Maps)

Brooklyn luxury market surges with nearly $73M in contracts

Brooklyn luxury market surges with nearly $73M in contracts
1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)

Manhattan luxury market shows signs of progress with 25 deals

Manhattan luxury market shows signs of progress with 25 deals
Ryan Serhant and B6 Advisors' Zach Redding and Dylan Kane with 809 Madison Avenue (Getty; Google Maps; B6)

Serhant, B6 team up to market UES rent-to-condo conversion

Serhant, B6 team up to market UES rent-to-condo conversion
arrow_forward_ios

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

Loading...