Corcoran has secured another foothold on Billionaires’ Row.
The brokerage is taking over sales at 111 West 57th Street from Douglas Elliman Development Marketing, according to a spokesperson for the building. Michael Stern’s JDS Development Group, Property Markets Group and Spruce Capital Partners are the developers behind the SHoP Architects-designed supertall condo.
The change comes after the Douglas Elliman arm was appointed in July 2018 for marketing and sales, which launched that September.
Sales will now be led by a Corcoran team of Joe Alvarez, Kane Manera and Janet Wang. Alvarez is a sales director at Corcoran Sunshine Marketing group, the brokerage’s new development arm, but the spokesperson said the building’s sales fall under the Corcoran Group.
A spokesperson for Douglas Elliman Development Marketing said the group “is extremely proud of its achievements” during its work with the developers, which included “numerous and notable record-breaking sales during one of the most complex and challenging times in our city’s history.”
“We wish everyone continued success in their future marketing efforts,” the spokesperson said.
Corcoran President and CEO Pam Liebman said the brokerage was “thrilled to oversee sales for 111 West 57th Street, which is, without question, an incredibly unique offering.”
The 1,428-foot tower is the second-tallest residential building in the Western Hemisphere, built from the original landmarked Steinway Hall property. The supertall offers 60 residences, 14 in the landmarked building and 46 full-floor and duplexes.
The building’s total sales progress is unclear, as it doesn’t publicly report its contracts. However, the address made headlines for closing sales at breathtaking prices.
In May 2019, a penthouse went into contract at close to its asking price of $58 million, the developer told the Wall Street Journal. Two units, both asking around $30 million, went into contract within two months, the Journal reported in June 2020.
The contracts included a 70th-floor unit — showed only virtually — asking $30.5 million and a three-bedroom unit on the 64th floor asking $30 million.
The building last month notched the top contract signed between Nov. 29 and Dec. 5, according to Olshan Realty’s weekly report.
The 4,492-square-foot unit in that deal was asking $21.5 million. The three-bedroom residence includes a 37-foot great room and a 21-foot den, both facing Central Park, and was purchased fully furnished.
JDS Development’s Stern pointed to Corcoran’s “incredible track record of success on Billionaire’s Row.”
“We look forward to working with them to sell out the building and showcase our homes,” Stern said in a statement. “We are thankful to Douglas Elliman for their work to date and look forward to collaborating with them on other projects.”