Aiding the developer from concept to sellout

Real Estate Weekly, April 22, 1998

Experienced residential on-site marketing and development professionals assist investors and developers in marketing their properties from the concept stage through the eventual closing of each individual unit.

"Our On-Site Marketing and Sales Group is a natural extension of Douglas Elliman's brokerage strength," said Andrew Gerringer, senior vice president of On-Site Marketing and Sales. "Dedicated to meeting our clients' needs, we provide custom-tailored services that add value to a project and ensure its success."

Recent projects include The New Museum Building in Soho; 140 Perry Street in the West Village; The Spears Building in Chelsea; 47 Mercer Street; 200 East 16th Street; 222 Riverside Drive; and 110 West 86th Street. Rental assignments include 80 John Street, 121 Reade Street and 344 Third Avenue.

Dedicated to providing comprehensive service, the On-Site Marketing and Sales Group is actively involved in the planning of each project, including floorplan review, the recommendation of both building and apartment amenities and finishes, and the design of the sales office and model apartments. It is also responsible for the creation of advertising, signage and brochures.

"Whereas outside consultants would charge for on-site marketing and sales services, Douglas Elliman includes them at no additional cost," Gerringer stresses. The company also provides significant savings to its clients through the Milford Agency, its in-house advertising firm, and The Krantz Group, Inc., Douglas Elliman's public relations firm, he says.

According to Alan Rogers, managing director of Douglas Elliman, "Our On-Site Marketing and Sales team is comprised of highly experienced professionals with a strong track record in development and a complete understanding of all aspects of the real estate market. Hence, our early involvement is critical to the success of the project, because it enables us to create the most appealing property for the target market."

Gerringer also stresses the importance of careful planning. "We prepare a marketing plan which becomes the 'blueprint' for the entire marketing effort," he says. "The earlier we can get involved, the more we can contribute to a project. For instance, a client was planning to market a new building which had a unit mix more appropriate to a rental than an upscale luxury condominium. We worked closely with the architects to completely reconfigure the building from mostly one- and two-bedroom units to primarily two- and three-bedroom units, which are more reflective of the location and target market. This change will help the developers realize a significantly greater sell-out and profit."

Over 600 agents in 15 offices throughout the metropolitan area ensure that Douglas Elliman can give each on-site property maximum exposure. This appears to be a successful formula - their on-site marketing and sales group has new assignments in SoHo, NoHo, Tribeca, Chelsea, the Financial District and the Upper West Side. Projects underway include 285 Lafayette Street in SoHo; 62 Beach Street and The Atalanta Building in Tribeca; 114 Liberty Street in the Financial District; and Westbury House on the Upper West Side. New projects are also currently being discussed for the Upper East Side, Northern New Jersey, Westchester and Brooklyn.

Of further note, the On-Site Marketing and Sales Group has immediate access to development sites throughout the city. For example, a large development parcel in Tribeca was recently sold by the Group, and 100,000 square feet of new residential construction will be built. In addition, the On-Site Marketing and Sales Group is offering exclusively a pre-war residential apartment building located at 151 East 80th Street that is a prime candidate for conversion to condominium use.

"The new for-sale market remains strong, but only those properties which are well-designed, well-targeted and appropriately priced for the current real estate market will achieve the maximum results," notes Gerringer.