The Agency to take over sales of Merrick Manor: sources

One Sotheby’s ended its listing agreement with the Coral Gables condo project

Mar.March 06, 2019 03:30 PM

From left: Henry Torres, Daniel de la Vega, and Mauricio Umansky with a rendering of Merrick Manor

The Agency will take over sales of Merrick Manor as the Coral Gables condo project and its current sales and marketing firm One Sotheby’s International Realty part ways, The Real Deal has learned.

Astor Companies, led by Henry Torres, plans to complete Merrick Manor, a 10-story, 227-unit development at 301 Altara Avenue, within weeks. One Sotheby’s has handled sales since May 2017. It’s 65 percent presold, One Sotheby’s President Daniel de la Vega said.

De la Vega said he ended the listing agreement with Merrick Manor on Monday. In a statement, he wished the project success and said that One Sotheby’s “successfully positioned the project for closing.”

Torres said he was grateful for the sales volume One Sotheby’s achieved and said the contract was coming to an end. The Agency is expected to take over on Friday or Monday, according to sources.

As of November, available units ranged from about the $400,000s to $2.6 million, and from 574 square feet to more than 3,400 square feet. The building will have nearly 20,000 square feet of retail space. Trésor, a Miami-based jeweler, inked a lease for nearly 1,500 square feet.

Astor Companies launched sales in 2013, but the project was on hold due to a failed land swap between the city of Coral Gables and the developer. Astor then relaunched sales in early 2017, hiring One Sotheby’s a few months later.

The project is near the Shops at Merrick Park, south of Miracle Mile.

The Agency recently expanded to South Florida with its first office in Boca Raton, later opening in Aventura and Coral Gables. The Los Angeles-based brokerage, led by CEO Mauricio Umansky, is also expanding into new development sales in South Florida, taking on 333 Victoria Park in Fort Lauderdale and the Andaz Turks & Caicos.

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