Ryan Serhant Bought In To Help Lease NYC Apartments
Recent developments indicate that there might be hope for the stalled One Park Place apartment project. Efstathios ‘Steve’ Valiotis, the developer, has enlisted the services of a prominent Manhattan real estate broker to market the property. The building, now known as “The Overbrook,” is being promoted through a large banner on the southeast corner of the site at Park and Broad streets. The real estate brokerage firm responsible for finding renters is Serhant, owned by Ryan Serhant, a well-known reality TV star from “Million Dollar Listing.”
However, there is no set date for potential renters to tour the apartments or move in. While construction workers are present on the site daily, there are still several weeks of work remaining. The banner displayed on the building includes a website (theoverbrook.com) that previously existed but now appears to be inactive.
When questioned about Serhant’s involvement in the leasing assignment, Agean PR, the public relations firm, failed to respond with answers. Nevertheless, the collaboration with the Serhant agency brings credibility to the Peekskill development. Previously, the Serhant agent Steven Irizarry and his team were listed as brokers for the project. Their successful track record in the New York and New Jersey real estate market and their experience in new development and property renovations add to their appeal.
Serhant’s agency has been rapidly expanding, achieving nearly double the revenue in 2022 compared to the previous year. It also expanded into six new markets earlier in the year.
One Park Place, a nine-story, 181-unit market rate rental apartment project, received approvals in 2017 and broke ground in 2019, initially aiming to open in the spring of 2021. However, construction encountered issues from the start. The state Department of Environmental Conservation (DEC) halted work in 2019 due to contaminated soil, incurring remediation costs. The COVID-19 pandemic in 2020 also led to additional delays and expenses.
These delays have significantly impacted the project’s finances, resulting in an estimated shortfall of over $5 million by 2021. With a projected rental income of over $1 million per month, the project is now approximately $20 million behind in expected additional income due to the ongoing delayed opening.
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