The Alexander brothers are taking over this Billionaires’ Row PH listing

The unit is also getting a price cut

May.May 01, 2019 08:20 AM
The penthouse at 252 East 57th Street with Douglas Elliman’s Oren and Tal Alexander 

The penthouse at 252 East 57th Street with Douglas Elliman’s Oren and Tal Alexander

About a year and a half after the penthouse at 252 East 57th Street hit the market, the developers are swapping its broker for “the A-team.”

That is, Douglas Elliman’s Tal and Oren Alexander. The team is taking over the condominium listing from Stribling & Associates’ Pamela D’Arc. It will be listed for $27 million — down from the previous $29.75 million asking price.

Tal Alexander declined to comment on the listing.

The penthouse at the World Wide Group and Rose Associates project came on the market asking $37.5 million in October 2017. The sprawling unit spans about 8,100 square feet. The home, which takes up the entire 65th floor, has six bedrooms and includes a fireplace, a deep balcony and master suite with two baths and two dressing rooms. It has views of the Central Park and the George Washington Bridge.

Amenities at the building — designed by Skidmore, Owings & Merrill — include a gated porte-cochère automated parking garage, a spa and fitness center, a dog-grooming facility and furnished guest suites. The only other home listed for sale at the 95-unit project is a $4.45 million resale.

The developers couldn’t immediately be reached for comment. A spokesperson for Stribling said, “After selling 99 percent of the building in a challenging luxury market, we are extremely proud of Pamela and the entire Stribling sales team at 252 E. 57th.”

The Alexanders, who The Real Deal recently profiled, have become known for their A-list clients as well as their A-list lifestyle that mixes business with pleasure. Their social media presence is a glimpse not only into their business but also their early-morning workouts and jet-setting. In January, the duo closed on the biggest residential sale in U.S. history: Hedge fund titan Ken Griffin’s $238 million purchase of a quadplex penthouse at 220 Central Park South on Manhattan’s Billionaires’ Row.

The change of brokers comes as high-end home sales remain slow. In the first quarter, the median sales price in Manhattan’s luxury market dipped 1.3 percent from a year earlier while sales volume fell 3.2 percent, according to Douglas Elliman.

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At the same time, developers have come to expect more from brokers. As sales cycles get longer, developers are facing more pressure from their lenders and investors to sell condo product. With more competition among agents and firms vying for deals, developers have upped expectations, seeking full-service consulting teams that go far beyond the final sales process.

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