Extell taps outside brokerages to market remaining One57 units

Gary Barnett’s Extell Development is finally seeking help from outside brokerage firms to unload s

Gary Barnett of Extell Development, Nikki Field of Sotheby’s International Realty and One57 Gary Barnett’s Extell Development is finally seeking help from outside brokerage firms to unload some of the remaining condominium units at One57. Extell, which has handled sponsor sales in-house since the project launched sales in 2011, has tapped big-name resale brokers from Douglas Elliman and Sotheby’s International Realty to market three of the leftover apartments, at 157 West 57th Street. Sales have been famously sluggish at the property since it hit the 70 percent mark in 2013. Nikki Field of Sotheby’s has the exclusive to market a $27.5 million, three-bedroom unit on the 61st floor. Raphael De Niro of Elliman has a $19.9 million, four-bedroom listing on the 47th floor. And Noble Black, also of Elliman, has a $29.99 million exclusive for a three-bedroom unit on the 62nd floor. “This is a smart decision by Extell,” said a luxury broker who wished to remain unnamed. “The building has a lot of competition right now, both from properties that are already on the market and things in the pipeline, and there’s a lot of uncertainty about where the high-end market is headed. It makes sense to use every tool at your disposal and really throw the kitchen sink at this.” Extell declined to comment on its reasons for farming out the listings, or on how many units remain unsold, but the building certainly has its fair share of competition, particularly from other new Billionaires’ Row towers, such as 520 Park Avenue, 220 Central Park South and Barnett’s new Central Park Tower at 217 West 57th Street. But Field said One57 still has an edge, particularly for buyers seeking immediate gratification. “This is the only building offering immediate occupancy,” Field said. “Until another building actually opens up, he’s the only show in town. Everything else isn’t coming until 2016, 2017 or 2018.” Extell isn’t the only developer bringing in outside help to spur sales. Harry Macklowe and CIM Group, the developers of 432 Park Avenue, brought in Elliman to manage the on-site sales office for the property last month. While Elliman previously had a co-exclusive on the project, the prior off-site sales space was run by an in-house team at Macklowe Properties.

Source: The Real Deal