In the usual division of labor in real estate brokerage, commercial is commercial, residential is residential and never the twain shall meet.
Now, brokers from either side of that seemingly impassable border are joining forces to market a listing on Madison Avenue and 68th Street.
Zach Redding and Dylan Kane of B6 Real Estate Advisors and celebrity resi agent Ryan Serhant — who recently launched his own brokerage — are working together to find a buyer for a post-war luxury rental building on the Upper East Side.
The B6 brokers thought the 12-story brick building would fetch its highest price for a buyer who will convert it to condominiums, so they chose a broker with a deep network in the resi development space.
“It’s really unusual to see commercial and residential brokers work together,” Kane told The Real Deal. “This makes the strongest marketing process possible.”
The asking price for the 31-unit building at 809 Madison Avenue is $69 million, or nearly $1,670 per square foot. Owner Churchill Real Estate bought the property last year for just shy of $57 million.
Of the building’s 31 apartments, 27 are market-rate and 4 are rent-stabilized. The property also has three retail suites. The B6 brokers said demand for condos remains strong on the Upper East Side, despite sluggishness in the market across the city.
Redding, who’s worked with B6 founder Paul Massey since his Massey Knakal Real Estate days; and Kane, who recently joined the company from Newmark, said they think the unique marketing venture will attract the best pool of potential buyers.
Kane described the financial terms of the collaboration as a fee-sharing agreement.
Serhant, meanwhile — of “Million Dollar Listing” fame — recently departed Nest Seekers to launch his own brokerage. Last week he announced he picked up the assignment to market sales at Extell Development’s 458-unit Brooklyn Point project.