From the Real Deal, 12/6/17. The Agency hires a new team to tackle sales at Greenland’s Metropolis:
Nearly two months ago, a brokerage shakeup occurred at Greenland USA’s $1 billion Metropolis development in Downtown Los Angeles. New York-based Douglas Elliman lost the project for reasons that remain unclear.You don't change brokers--see the example of 550 Vanderbilt, developed by Greenland Forest City Partners--unless sales are not going as well as expected. While the Real Deal article didn't specify month-by-month numbers, it indicated reasons for concern:
It didn’t take long for the Agency, a boutique brokerage co-founded by Mauricio Umansky and Billy Rose, to swoop in and snag the contract to sell the1,500-unit condo project, which is spread across three towers. After a few quiet months, the Agency has now revealed the development group that will tackle the 2.1 million-square-foot project at 889 Francisco Street.
Industry observers have questioned whether there is enough demand to satisfy the flurry of units entering the DTLA market in recent years. As of June, roughly 3,000 luxury apartment units were under construction in the area, and nearly 4,000 more are slated to be built next year. The rising supply, coupled with a rising vacancy rate and a retreat from Chinese buyers, hasn’t exactly helped brokers sell luxury vertical living.
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