Compass takes over sales from Corcoran at NYC ‘condop’ building
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After selling eight out of its 13 units, the condop, a building comprised of condominiums and co-op units, at 1228 Madison Avenue is bringing on a new real estate brokerage to finish the job.
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After selling eight out of its 13 units, the “condop,” a building comprised of both condominiums and co-op units, at 1228 Madison Avenue on Manhattan’s Upper East Side is bringing on a different brokerage to finish the job, The Real Deal reported.
Three teams at Compass are taking over sales and marketing from Corcoran Sunshine: the St. André Team, the Philip Scheinfeld Team and Compass’ Development Marketing Group.
The property was designed by Robert A.M. Stern and developed by CBSK Ironstate, a partnership of CB Developers, SK Development and Ironstate. The building’s interiors were designed by Kelly Behun Studio.
Before taking on sales at the Upper East Side condop, Jim St. André, team leader of the St. André Team, had represented a buyer of one of the units.
The building is about one block from the Guggenheim Museum and Central Park and boasts 13 full-floor duplex and triplexes, with units starting at $7.35 million.
The teams taking over the condop’s sales have strong track records backing them. St. André’s team was ranked the No. 1 small team in New York and the No. 7 small team nationwide in RealTrends’ latest rankings, having netted over $730 million in sales in 2021.
The Philip Scheinfeld Team, which operates out of New York City and Miami, has brought in more than $200 million in sales over the last two years, and told The Real Deal sales at the building should be “a grand slam.”
Meanwhile, Compass Development Marketing Group has sold $14 billion in new development and rented out 11,000 units across 35 buildings. It’s also represented a number of luxury properties in the area before, including The Bellemont and The Benson.
In December 2020, the building’s triplex penthouse unit went under contract for $27.8 million.
According to The New York Times, a condop is a mixed-use building that contains condo and co-op units with retail spaces that are individual condo units and residential apartments that are co-ops. Condops were first developed in the 1960s when residential condos were still a new phenomenon in New York City and developers wanted to separately divest residential and commercial areas within the same building.
According to the Council of New York Cooperatives and Condominiums, New York City at the time of the group’s 2005 survey boasted approximately 300 condops.
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