Serhant Lands First Project at Extell’s Brooklyn Point


Brooklyn Point, Extell's Gary Barnett and Ryan Serhant (Getty; KPF; Extell Development)

Brooklyn Point, Extell’s Gary Barnett and Ryan Serhant (Getty; KPF; Extell Development)

Ryan Serhant set himself quite a challenge new company.

The sergeant was used Extell development provide marketing and sales at its Brooklyn Point with 458 units, which towers over the city at an altitude of about 700 feet.

A celebrity broker, known for his television roles and marketing pieces, is an unusual choice for Extell, which often has a discreet internal team that promotes and sells its projects.

Gary Barnett, founder and chairman of Excelle, admitted that Serhant’s hiring was unnoticed.

“I think Ryan is a very experienced and experienced broker,” said the developer. “[But] Taking over a building like Brooklyn Point is a leap for him. “

Barnett said he chose Serhanta to lead the sale because of the “huge follow-up” of the social media broker. The Manhattan-based developer said his Brooklyn condominium was “exactly the right kind of project” for a start-up marketing brand.

The project, which has a 25-year tax cut, is the first in the Barnett district whose development company dates back to the early 1990s. The expected sale is almost $ 900 million. The units range from studios to three bedrooms with asking prices between $ 860,000 and $ 3.7 million, according to the apartment supply plan.

Brooklyn Point has equipment created for Instagram. Among them is a rooftop terrace overlooking Manhattan and boasting the tallest infinity pool in the world. This is where Serhant held his virtual launch on Tuesday afternoon as he teased the news after a few days and finally filled out his 1.5 million Instagram followers.

The broker revealed his assignment in the Instagram Live stream as seen by a handful of Extell managers, minus Barnett.

“Brooklyn Point will throw you all away,” Serhant exploded. As watched 2,000 people live, the string quartet began playing Alicia Keys and Jay-Z’s “Empire State of Mind,” while a masked ballerina spun and danced aboard the pool.

“Don’t jump into the pool,” wrote Emilia Bechrakis Serhant, the broker’s wife, in a live stream chat. He did not do it because that is not what the CEOs of mediation do, he explained later.

Brooklyn Point is no newcomer to the city’s luxury housing market.

Sales began in March 2018, but only about 10 percent of the project’s inventory found buyers. An Real Deal’s analysis found that 43 units closed at an average price of $ 1.2 million, or approximately $ 1,600 per square foot. The other two are in the contract.

Barnett questioned these numbers, which were based on data from the OnLine Residential and Extell websites. He said the number of units in the contract was “up to three digits” and called the analysis “gone”, but refused to provide real numbers.

Regardless, Serhant’s brokers face a headwind. The number of sales in the third quarter in the district was down Year-on-year by 43 percent, which is the sharpest decline in 11 years.

Under the new development conditions, the average sales price in the last quarter fell 11 percent to $ 819,000 from $ 918,000 in the same period in 2019. Meanwhile, the average market time in the third quarter reached 197 days, up from 114 a year ago.

Buyers looking in Brooklyn also have plenty of options and many, especially in the luxury borough market, have chosen town houses over condoms late. On average, they demand a lower price per square foot than apartments and come with more space and often private outdoor space. Even Serhant plans to live in a Brooklyn townhouse he is renovating.

But the broker is not intimidated. He believes that Covid’s concerns and preferences are temporary.

“Actually, I don’t think it’s going to be a challenge,” he said. “I think people just need to know about it, but it’s the only similar building in the world, definitely in Brooklyn.”

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