In a slow luxury condominium market, Solow Building Company is revamping its sales strategy at 685 First Avenue and tapping Corcoran Sunshine to take over marketing.
The company has rebranded the project as One United Nations Park, with a new address of 695 First Avenue. Corcoran Sunshine is taking over sales from Citi Habitats, which will continue to handle leasing for 408 rental units in the building.
Solow wouldn’t release numbers on how many units are in contract, but the sales team swap comes as condo deals in Manhattan keep falling. In the fourth quarter, condo sales tumbled 13 percent year-over-year while inventory ticked up 3 percent, according to Douglas Elliman. That marked the fifth straight quarter condo and co-op sales have fallen in the borough. Among new developments, sales slid 32 percent.
The 43-story building along the East River has 148 condo units and marks Solow’s first foray into the condo market. The total projected sales price for the condos is $551 million, or $3.7 million on average, according to an offering plan submitted to the New York State Attorney General’s office. The one- to four-bedroom homes start on the 28th floor of the building and pricing begins at $1.495 million. Initial occupancy is slated for this summer and model units will be ready in the next few months.
The building — with a black glass facade and partially enclosed balconies — was designed by Richard Meier and Partners Architects. Last year, Meier was accused of sexual misconduct and was reportedly stepping back from day-to-day operations. But Meier remains a presence as the firm, The Real Deal has reported.
Amenities at the building include a built-in smart home system that controls temperature, lighting and motorized shades. The building also includes a fitness center, screening room and a private driveway.
In a rare media interview, Solow, 90, told the New York Times last April that his son Stefan Soloviev would be taking a larger role in the family business. And this would be his first major project. It could signal a significant change at the development firm
“My father is very stuck in his ways,” Soloviev said. “He has his area, and that’s it. But I would like to build in other cities, like out West, which I know very well because I’ve spent a lot of my life there.”