The Agency hires a new team to tackle sales at Greenland’s Metropolis

New York-based Douglas Elliman previously held the listing

Los Angeles /
Dec.December 06, 2017 08:00 AM
From left: Linna Yi, Lisa Fittipaldi, Mark Sanchez, Sheridan Mantor and Annie Leung

Nearly two months ago, a brokerage shakeup occurred at Greenland USA’s $1 billion Metropolis development in Downtown Los Angeles. New York-based Douglas Elliman lost the project for reasons that remain unclear.

It didn’t take long for the Agency, a boutique brokerage co-founded by Mauricio Umansky and Billy Rose, to swoop in and snag the contract to sell the1,500-unit condo project, which is spread across three towers. After a few quiet months, the Agency has now revealed the development group that will tackle the 2.1 million-square-foot project at 889 Francisco Street.

The permanent sales team for Metropolis includes Sheridan Mantor, Mark Sanchez, Lisa Fittipaldi, Annie Leung and Linna Yi, The Real Deal has learned. Mantor will serve as director of sales, while Sanchez and Fittipaldi hold senior sales associate positions. Leung, who previously worked for Douglas Elliman, was hired for a sales associate position on the team. Yi will serve as transaction coordinator.

Mantor, Sanchez and Fittipaldi were previously working with Polaris Pacific and Trumark Urban, selling units at TEN50, a 22-story, 151-unit luxury high-rise at 1050 S. Grand Avenue in Downtown. Mike Leipart, managing partner at the Agency, said the first strategic step was to hire a team with significant experience in the DTLA market.

Greenland completed its 308-unit Tower 1 and 350-key hotel tower earlier this year. Roughly 80 percent of Tower 1 has sold, Leipart said (Elliman claims it sold over two-thirds of the units before the Agency took over). The Agency’s team is currently pre-selling Tower 2, set to include 514 residences. The entire project is slated to be fully complete by 2019.

Industry observers have questioned whether there is enough demand to satisfy the flurry of units entering the DTLA market in recent years. As of June, roughly 3,000 luxury apartment units were under construction in the area, and nearly 4,000 more are slated to be built next year. The rising supply, coupled with a rising vacancy rate and a retreat from Chinese buyers, hasn’t exactly helped brokers sell luxury vertical living.


Related Articles

arrow_forward_ios
Mauricio Umansky, Rainy Hake Austin and Robert Reffkin (Getty)
The Agency sues Compass for blocking exec from recruiting former colleagues
The Agency sues Compass for blocking exec from recruiting former colleagues
Left to right: Viceroy L’Ermitage Beverly Hills and THEA at Metropolis in Downtown (Google Maps, THEA)
Greenland lands $250M loan for THEA at Metropolis rental tower
Greenland lands $250M loan for THEA at Metropolis rental tower
Clockwise from top left: James Harris, Tracy Tutor, Josh Altman, Josh Flagg, and David Parnes
WATCH: Million Dollar Listing LA stars dish on the luxury market
WATCH: Million Dollar Listing LA stars dish on the luxury market
Billy Rose, Rainy Hake Austin
Changes at the top at The Agency
Changes at the top at The Agency
Join LA’s residential stars for a market discussion Oct. 7
Join LA’s residential stars for a market discussion Oct. 7
Join LA’s residential stars for a market discussion Oct. 7
Mauricio Umansky and the office (Credit: Google Maps)
The Agency closes Palm Springs office amid larger cuts
The Agency closes Palm Springs office amid larger cuts
Hiten Samtani, Sally Forster Jones, Santiago Arana, and Aaron Kirman
For top LA resi agents, it’s strictly posi vibes
For top LA resi agents, it’s strictly posi vibes
Hiten Samtani, Sally Forster Jones, Santiago Arana, and Aaron Kirman
Don’t miss LA’s top dealmakers on Monday’s TRD Talk
Don’t miss LA’s top dealmakers on Monday’s TRD Talk
arrow_forward_ios

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

Loading...