Real Estate

Serhant Takes Over $130M Luxury Dev from The Agency in NYC

SERHANT takes over from The Agency in NYC's luxury market, aiming to sell remaining units at 15 West 96th Street.

By Doug Elli

5/15, 16:05 EDT
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Key Takeaway

  • Serhant takes over sales from The Agency for the luxury building 15 West 96th Street, marking a significant shift in NYC's real estate landscape.
  • The 21-unit building features residences ranging from $1.7 million to $18.5 million, with a total projected sellout of $130 million.
  • This move comes after The Agency's strategic entry into NYC through the acquisition of Triplemint in 2022, aiming for long-term growth in new development sales.

A Shift in New York's Luxury Real Estate Scene

The dynamic landscape of New York City's luxury real estate market has witnessed a significant transition with The Agency, a California-based real estate firm, stepping down from its first venture into the city's new development sector. This move has paved the way for SERHANT, a powerhouse in the real estate industry, to take over sales at an upscale building on the Upper West Side. The property in question, 15 West 96th Street, stands as a testament to luxury living, boasting a boutique collection of 21 condominium units with views overlooking Central Park. Initially, The Agency embarked on this venture in May 2023, with aspirations of achieving a projected sellout of $130 million, highlighted by a duplex penthouse priced at over $20 million.

The Handover to SERHANT

SERHANT's takeover marks a pivotal moment for the luxury building, now tasked with marketing and selling the 12 remaining residences, which vary from one-bedroom to five-bedroom units, with prices ranging from $1.7 million to $18.5 million. The transition of sales responsibilities to SERHANT's new development arm, managed by brokers Charisse Chassen, Amy Herman, and Ryan Serhant, signifies a strategic shift in the building's marketing approach. The Agency's departure from the project, without immediate comment or maintaining the property on its new development webpage, raises questions about its future endeavors in New York City's competitive real estate market.

The Agency's New York Strategy and SERHANT's Opportunity

The Agency's initial foray into New York City's real estate scene came with its acquisition of Triplemint in 2022, signaling a deliberate, albeit cautious, approach to expanding its new development business in the city. The statement by The Agency’s managing partner, Mike Leipart, about taking a slow and steady approach to growth in New York, underscores the challenges and complexities of establishing a foothold in this market. However, The Agency's withdrawal from the Fifteen project and SERHANT's subsequent takeover could be indicative of shifting strategies among real estate firms vying for dominance in New York City's luxury real estate sector.

Implications for New York's Luxury Market

This transition between two prominent real estate firms over a high-profile luxury development project highlights the competitive and ever-evolving nature of New York City's real estate market. For SERHANT, taking over sales at 15 West 96th Street presents an opportunity to reinforce its position and expertise in luxury real estate, capitalizing on the building's prestigious location and high-end offerings. For The Agency, this move might reflect a strategic reevaluation of its approach to New York's market, possibly redirecting its focus towards other opportunities or markets where it can leverage its strengths more effectively.

Management Quotes

  • Mike Leipart, Managing Partner at The Agency:

    "We’re not going to try to get big in the next six months. We’re not going to show up, look stupid and turn tail. We’re in it for the long haul."