Core Takes Over Sales At 77 Greenwich Street

Core Real Estate is taking over at Trinity Place Holdings’ 77 Greenwich Street.

A team from the brokerage appears to have taken the helm at the 90-unit tower between the end of July and the start of August, according to listings on Streeteasy, and replaced Serhant New Development as the sales lead.

The Financial District development is over 40 percent sold since its 2019 launch with 35 sponsor units closed, three sponsor units in contract and a resale in contract, according to data from Marketproof. The average price per square foot of the sold units is $1,802.

Serhant declined to comment through a spokesperson. Core’s Shaun Osher and Emily Beare, the listing broker, did not respond for comment.

The developer relaunched sales with broker Ryan Serhant’s eponymous brokerage in 2021 under the property’s new moniker, “Jolie.” The project marked its first takeover when Serhant’s new development arm bumped The Marketing Directors, the first to head sales at the 40-story condo when it launched in 2019.

At the time of the takeover, Angela Ferrara, an executive vice president at The Marketing Directors told The Real Deal the firm had “brought the building as far as we could,” considering the market challenges during the pandemic.

Construction at the mixed-use development was scheduled to wrap up last month, but in December, senior lender Macquarie Group agreed to extend the completion date to September.

Trinity Place secured a $167 million inventory loan from the Australian financial services company in October 2021. Before the loan agreement, the development was in danger of foreclosure after construction delays and slow sales put its senior and mezzanine loans in default.

Trinity’s original senior lender, Massachusetts Mutual Life Insurance, supplied the developer with $190 million in 2017 to build the project. Davidsen Kempner Capital Management provided a $7.5 million mezzanine loan and later amended it to include another $22.8 million.

The tower, which includes 7,500 square feet of retail space and an elementary school, has a projected sellout of $311 million, and prices range from $1.2 million for a one-bedroom to $10.8 million for the penthouse, according to the building’s offering plan.

Amenities at the building include concierge services by LIVunLtd, full-time doorman, double-height fitness center and landscaped rooftop observation deck.