Elliman to Head Sales At Rotem Rosen’s 126 East 57th Street

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Rotem Rosen’s project near Billionaires’ Row is inching closer to a sales launch.

The developer and his partners, Israeli developer Zahi Hagag and Indian billionaire Anand Mahindra, tapped Douglas Elliman’s development marketing arm to head sales at 126 East 57th Street, according to the brokerage.

Noble Black, the head of the firm’s top-producing Noble Black & Partners, will helm the team. Sales are expected to launch at the building, known as the Malabar, later this summer and closings are expected to begin early next year.

Rosen and his partners have yet to release full details of pricing at the building, though an offering plan filed with the Attorney General’s office earlier this year included asking prices for 33 condos with a sellout target just below $100 million.

Prices ranged from $1.4 million for a 500-square-foot studio to $12.5 million for a three-bedroom, three-bathroom penthouse spanning 2,800 square feet and both a terrace and a balcony.

Plans for the 180,000-square-foot project include 145 condos, ranging from studios to three-bedroom units, 22 storage lockers and two commercial units. More than half of the units will feature outdoor space.

Construction at the 28-story building, designed by ODA Architects, is slated for completion later this year. Planned amenities include an indoor pool, fitness center, spa and indoor half-basketball court.

The developers bought the 13-parcel assemblage from Turkish development firm Kiska Development in 2019 for roughly $100 million. The partners scored a $170 million construction loan from Bank OZK in 2022.

Though the project is now well underway, MRR Development, the firm Rotem founded with Mahindra and Jerry Rotonda, faced pushback from the owner of a neighboring building, who refused to allow the firm access to 124 East 57th Street to conduct pre-construction surveying.

The developers took their fight with the neighbor to court in 2022, and the judge greenlit their request for access.

Located east of Park Avenue, The Malabar may fall outside the bounds of what’s considered Billionaires’ Row, but Black in a statement referred to the area as an “emerging luxury epicenter,” pointing to Citadel’s 425 Park Avenue and JPMorgan Chase’s 270 Park Avenue.

The development is a block east of Harry Macklowe and CIM Group’s 432 Park Avenue and two blocks east of a Madison Avenue corridor that’s preparing for a wave of new development, including luxury towers from Extell Development and Related Companies, Bisnow reported. Since the fall, Gary Barnett has shelled out $260 million for an office building at 655 Madison and nearby buildings on 60th Street, while Related is planning more than 100 condo units at 625 Madison.