A slow-selling Higher East Facet apartment challenge has already swapped out sponsors and adjusted up the artwork on the partitions.
Now, it’s switching up its gross sales staff.
The Company’s Michael Biryla and John Antretter are taking up gross sales of the ultimate 24 items at Centurion Real Estate Partners’ 200 East 59th Street, now dubbed the Elysia. The gross sales staff, which is changing a staff from Douglas Elliman that had been on the constructing for almost a decade, shall be working alongside rennie, an actual property consulting agency that The Company partnered with earlier this 12 months.
A spokesperson mentioned in an announcement that the agency was “proud to have represented” the property and desires “Centurion Actual Property Companions and Keppel a lot continued success.”
The brand new staff is bringing vital worth cuts to the remaining listings. An modification to the constructing’s providing plan filed in April exhibits costs on the 24 items had been lower by a median of roughly 20 % from 2025.
The CetraRuddy-designed constructing rises 35 tales and has 67 items.
The staff already seems to have shifted the gross sales technique for the constructing’s crown penthouse. The highest flooring had been marketed, maybe misleadingly, as a duplex for as a lot as $23 million in 2023, with the unit’s personal roof deck serving because the second flooring. It was additionally listed together with the ground under for a conceptual triplex for as a lot as $28 million.
Now, the penthouse is hitting the market as a full-floor three-bedroom spanning over 3,800 sq. toes, with a personal roofdeck and wraparound terrace including one other 3,400 sq. toes of outside area. The unit is asking $14.5 million, or roughly $3,800 per sq. foot.
Take three
The brand new gross sales staff and pricing come as the newest try for the constructing to shut out gross sales over a decade for the reason that challenge was first conceived.
The challenge’s final alternative for revitalization got here proper initially of the pandemic, when John Tashjian’s Centurion Actual Property Companions stepped in as the project’s sponsor after Macklowe Properties bought its stake the earlier 12 months.
Macklowe had purchased the event web site in 2014 for $87 million, and financed it with a $64 million acquisition mortgage offered by Singapore’s United Abroad Financial institution. After pre-development was accomplished, the companions obtained a $116 million building mortgage from UOB in 2016.
The notoriously art-forward developer tried to gin up curiosity within the constructing with a coterie of massive glass giraffes, elephants and rhinos positioned across the constructing’s outside areas, which Macklowe advised the Journal on the time was “a approach to inform the world that the constructing is particular and to present a persona.”
However by 2019, Macklowe sold his stake within the growth to his capital companion, Singapore-based Alpha Funding Companions, who introduced in Centurion.
The brand new sponsor did away with the animals and introduced in worth cuts, however the constructing’s refresh got here in March 2020, touchdown in time for one of many worst years for metropolis actual property in latest reminiscence. In June 2020, the challenge secured a $204 million inventory loan on its 61 unsold items.
The constructing took benefit of the next apartment growth in 2022, promoting 14 items after which one other eight the next 12 months, however gross sales have since slowed, in keeping with information from Marketproof.
It’s now taken up residence as one of many metropolis’s lingering initiatives. However occasions have modified since 2017, and the apartment glut that outlined a lot of the final decade is over and stock is at its lowest level since 2014, which heralded a wild few years of record-breaking gross sales in new developments.
Biryla thinks that makes it the proper time to re-re-launch the challenge.
“This constructing actually has simply form of gotten forgotten about,” Biryla mentioned. “Individuals are ravenous for stock, and good stock at that.”
The constructing’s residences all have their very own personal outside area, and the upper flooring have comparatively unobstructed views of town.
A part of the challenge’s previous struggles doubtless got here from a no-man’s location on 59th Road and Third Avenue. StreetEasy has labeled the realm “Sutton Place”, however Biryla identified that the condos on the north facet of the road snagged an “Higher East Facet” designation.
The latest worth cuts, which put the typical asking worth of the remaining items at round $2,800 per sq. foot, will doubtless assist compete in opposition to different initiatives a number of blocks additional west. The Malabar Residences at 126 East 57th Road, for instance, has a median asking worth of over $3,300 per sq. foot, in keeping with Marketproof.
“The constructing’s worth per sq. foot is comparable, if not higher, than a few of the different new developments,” Biryla mentioned. “However the distinction, in my view, is you’ve got larger flooring, open views and really low carry.”
The challenge seems to have some early momentum, with three items already in contract, in keeping with Antretter.
Learn extra
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