Sotheby’s International’s Nikki Field is taking over sales at 111 West 57th Street.
JDS Development and Property Markets Group tapped the top broker and her team to replace Corcoran at their Billionaires’ Row supertall. The developers announced the swap on Monday.
The team, including Field, Patricia Parker, Benjamin Pofcher and Jeanne Bucknam, marks the third cohort to head sales at the building since it launched in 2018. The group is tasked with selling the remaining 27 units asking between $12.5 million and $56 million.
Corcoran’s Joe Alvarez, Kane Manera and Janet Wang have been at the helm since February 2022, when the developers brought them on to replace Douglas Elliman Development Marketing. Under Corcoran’s leadership, the building notched $100 million in sales so far this year, according to a press release.
“We are very proud of the work we’ve done at 111 West 57th Street,” Corcoran CEO Pam Liebman said in a statement. “Our success truly speaks for itself.”
The swap comes days after an entity tied to the British royal family in Canada paid $6.6 million for the last of the 14 units in the Steinway Hall portion of the building. The 3,600-square-foot apartment traded for $4 million less than its initial asking price, adding to a string of discounts at the luxury tower.
“We look forward to building on the successful sales momentum by leveraging our international marketing expertise, global network, and the brand’s auction house connection to present these premier residences to our esteemed clients around the world,” Field said.
The march toward sellout seems to be slow for the building, which has only sold about half of its 60 units so far, for an average of $4,700 per square foot, according to Marketproof data. Based on the latest sales velocity, the platform estimates the building’s sellout to be around March 2026.
The apartments closed for an average discount of 1 percent from the asking prices specified in the building’s initial offering plan, according to The Real Deal’s analysis of the 30 apartments with sales recorded in the city register.
Even the tower’s pricey penthouses were sold at discount, including Unit PT61, the most expensive to close so far. Last year, the apartment traded for $53 million, roughly $5 million off its initial asking price.
The closed sales volume totals $593 million, a TRD analysis found. The total projected sellout estimated in the building’s initial offering plan is about $1.5 billion.
Across the East River, JDS is losing out on its Gothic, mixed-use supertall in Downtown Brooklyn. Earlier this month, the developer handed its distressed Brooklyn Tower over to lender Silverstein Capital Partners after failing to keep up with its debt payments.
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