COVER STORY, DECEMBER 2006

MIXING IT UP WITH MULTIFAMILY
Northeast developers continue to create unique multifamily projects.
Dan Marcec

Throughout the Northeast real estate market, multifamily projects continue to be on the rise, as the trend to build high rises and other residential properties flourishes. However, with so many developments being constructed and converted in the multifamily sector, developers have to stay sharp and create projects that stand out and give residents what they need. Northeast Real Estate Business recently interviewed executives involved with six projects that meet this criteria, each one significant in its own way. As residents look for new housing in both mature markets and revitalized areas in Northeastern cities, developers have to meet the challenge of catering to the demand for unique properties.

Sky House, New York City

Sky House is a 55-story, 139-unit condominium development located at at 11 East 29th Street in Manhattan, New York City.

Amenities within the project include a 1,600-square-foot gym, individual residential storage, a thematically designed children’s play room and 24-hour doorman and concierge services. Individual units boast great views, solid core doors, designer hardware, high-speed Internet connectivity, and a full-size washer and dryer. Each unit has an open, gourmet kitchen with cherry cabinetry, Kitchen Aid Architect series refrigerators, Asko dishwashers covered in cherry panels, hot water dispensers, garbage disposals and granite countertops. Select homes will feature floor-to ceiling windows.

Designed by FXFOWLE, the architecture and layout of Sky House was influenced by a well-known historic landmark in Madison Square Park North, the Church of the Transfiguration, otherwise known as “the little church around the corner.” Taking cues  from the church’s rustic brick facade, green copper roofs and the English shade garden, the building was designed to compliment and convey the warms tones of the church. Interestingly, every apartment features a western facing window in order to capture the views of the little church that influenced the building’s look.

“There has been a great deal of rental product developed in the area, but no new condominium product. So, there has been a great demand for new housing in the area, and the area in which Sky House is located has a great neighborhood feel to it,” says David Perry, director of sales for The Clarett Group. “One unique aspect of the site is that there are views in all directions. The apartments begin on the sixth floor, and at that level you can see across Fifth Avenue to the marble Collegiate Church, from the south you can view the Carlton Hotel, and from the north you pick up immediate views of the Empire State Building. As you go up higher in the building, from the 17th floor for example, you will have views of Rockefeller Center, the Chrysler Building and many major New York City landmarks. Finally, at the top of the building, you will be able to see almost to Pennsylvania across the Hudson River. So, the fact that every apartment has views distinguishes Sky House from other residential buildings.”

The location of Sky House is also a unique factor. Developers began building along the Sixth Avenue corridor several years ago, and it has now become a very popular location for residents. Approximately 3,000 apartments are slated for construction in the next 5 years. 

“Fifty-five stories is rather unusual for residential developments in New York City, especially since there are only three apartments per floor. So, even though it will be a very tall building, the structure will have a very intimate and warm feel,” says Perry. “We purchased the air rights from the church so that would protect it for every resident of Sky House and that is also why we were able to build such a striking, tall tower. In addition, easy access to transportation makes it unique.”

Liberty Harbor North, Jersey City, New Jersey

Encompassing 27 city blocks in Jersey City, New Jersey, Liberty Harbor North comprises approximately 1 million square feet of residential space alone, spread throughout 9,000 units. Situated on 74 acres, the project is being developed by Peter Mocco of Jersey City in accordance with a New Urbanist design technique, and will include more than 2 million square feet of commercial and retail space as well. Construction on the immense project began in March 2004, and the total project cost is between $2 billion and $3 billion.

Units contain beautifully designed kitchens and baths with high-end appliances and fixtures; smart home technology for heating, ventilation, air-conditioning and home security; access to select community closed circuit television cameras, including one directly outside the entrance to each building; and wireless Internet connection throughout the community. Residents will also enjoy the use of fitness rooms and media rooms, as well as close proximity to Manhattan and Liberty State Park. Other unique factors in the area include the resurgence of nearby Hoboken, New Jersey, and with the help of this project, the reinvigorated city of Jersey City — which has grown in leaps and bounds over the past 10 years — and will continue to grow.

“Liberty Harbor North involved the coordination of an ever-growing team of architects, engineers, and designers,  who like the the developer, constantly search for ways to make Liberty Harbor the best place not only from a design point of view, but from the point of view of future residents who will call Liberty Harbor their home,” says Marjorie Maria Mocco, assistant to the director of marketing for Liberty Harbor North. The entire project includes various architects working on different buildings and phases. In the first phase, designers include Ronald Russell of Lindemon Winckermann Deupree Martin & Associates, who is designing Eclipse and Meridia East; Eric Vogt of Khoury & Vogt Architects, who is designing Sonata and Arcadia West; Alexander Gorlin of Alexander Gorlin Architects who is designing Gorlin; Robert Orr of Robert Orr & Associates, who is designing Bedford; Carmi Bee of Rothzeid Kaiserman Thomson and Bee, who is designing Alumnia; and Walter Chatham of Gruzen Samton who is designing various condominiums.

“Initially, Liberty Harbor North came to be when Peter Mocco saw the potential of Jersey City in the early 1980s, when he first began to purchase the parcels of land that make up the project,” says Mocco. “Over time, there have been shifts in urban living styles, and the project has shifted from a planned gated community to a text book example of new urbanism due to the shifts in market demands and in Jersey City’s landscape. The project was put on hold during the 1980s due to the economic downturn. That delay caused Mocco to rethink his approach from developing a potentially gated community to developing a community that will have the dynamic life and vibrancy of Greenwich Village and SoHo in Manhattan, with elements of the Upper East Side thrown in.”

Aside from the magnitude of Liberty Harbor North, the project has a unique waterfront location with views of the Statue of Liberty, Liberty State Park, and Lower Manhattan. In addition to these unique elements, the development will be one of the most technologically integrated communities in the country, with a single mode fiber network that terminates within each residence, guaranteeing the fastest Internet connection available.

“The development has already had a positive impact on the area, attracting more and more investors and new business in the retail and commercial markets,” says Mocco. “This particular development will add 9,000 units to Jersey City, which will increase Jersey City’s tax base in addition to providing consumers for Jersey City’s retail businesses.”

South Bridge, Philadelphia

The $100 million South Bridge multifamily development sits along the Schuylkill River in Philadelphia.

The uniqueness and stellar location of the J.F.K. Building was the initial impetus for Switzenbaum’s, the developer and owner of the project, purchase of the property. Located along the Schuykill River at the South Street Bridge — one of the central gateways into Center City — the building is in close proximity to the University of Pennsylvania, Philadelphia’s bustling central business district, the Philadelphia International Airport, 30th Street Station and several major highways. Because of the exceptional location on the West side of the river, views will not be inhibited by the skyscrapers being built across the river, giving residents clear views of the river, the city skyline and the university skyline. Additionally, the size of the building relative to the low acquisition cost was also an important driver for the developer.

South Bridge, the adaptive re-use the former J.F.K. Building in Philadelphia, will encompass 760,000 square feet, including 229 residential units in addition to ground-floor retail and office space.

Floor-to-ceiling windows in all of the units allow for spectacular views of the river and the city, maximizing South Bridge’s key amenity — the riverfront location. Due to the size of the building, the units will be considerably larger than other Center City condominiums, and will feature 11-foot ceilings and large storage areas in each unit, ranging in size from 100 square feet to more than 300 square feet — similar to having a basement inside the condo. Other amenities include a world-class fitness center and Olympic-sized pool, a yoga/pilates studio, a residents’ lounge and business center, a round-the-clock doorman and concierge services, cold storage to accommodate Internet grocery deliveries in conjunction with Genuardis.com, and a 1-acre rooftop garden. In addition, residents will be able to take advantage of 6,000 square feet of retail space on the ground floor of the building.

“When complete, South Bridge will serve as a residential pillar in the Schuylkill River Corridor, an $800 million revitalization project along 200 acres of waterfront,” says Switzenbaum. “South Bridge — in conjunction with the other development projects taking place along both sides of the Schuylkill River — will serve to quicken the pace of the area’s transformation from a once industrial area to a vibrant mixed-use residential neighborhood.”

Cherry Street West, Philadelphia

AFC Realty Capital is transforming a former parking lot, located at 2222 West Cherry Street in Philadelphia’s Logan Square neighborhood, into Cherry Street West, an exclusive 43-unit townhouse community.

Cherry Street West provides residents with an extensive amenities package in the units and throughout the property. Each unit features bay windows, fireplaces, patios and roof terraces and optional elevators, as well as generous master bedroom suites and uniquely arranged floor plans. In addition, the fourth floor of each home features a den/entertainment loft that can be converted to an additional bedroom with a rooftop deck. Other amenities  include a landscaped interior courtyard and garage parking directly under the homes. Cherry Street West’s interiors will be finished with cherry stained hardwood floors and elegant moldings, and the units’ kitchens include Viking appliances, cherry cabinets and granite countertops, while the bathrooms feature Kohler fixtures, oversize tubs and separate showers.

“Barton Partners has designed Cherry Street West, basing the structure on the traditional Philadelphia townhouse, including brick exteriors,” says Mary Hall, president of Hallmark Residential Group, which is handling marketing for the project. “The biggest challenge in the design and development of Cherry Street West was to combine the traditional Philadelphia townhouse with a sense of community. For example, adding the courtyard provided a community feeling and providing parking under the homes maximized the square footage.”

Cherry Street West stands out as such a significant project because it distinguishes itself from most urban residential product that is high rise, while at the same time retaining design and amenities of a modern high-rise development. Its location is also unique because it is within a very highly residential area of Center City proper, within walking distance of the Schuylkill River banks.  

“Along with other new residential development, Cherry Street West will help secure the neighborhood’s position as a stable residential area,” says Hall. “However, unlike some of the other construction, the town houses provide a long-term solution for its buyers.”

Greenwich Place, Greenwich, Connecticut

Antares Real Estate Partners are currently Greenwich Place in Greenwich, Connecticut, into condominium units.

“The renovations are completely transforming the property’s previous, dated 1970s contemporary-look into a more environmentally friendly, New England style,” says Joseph P. Beninati, managing partner for Antares Investment Partners. “We’ve updated these homes with an eye on aesthetics as well as with an eye on optimizing energy efficiency, as our updated units reduce operating and energy expenses by up to 20 percent.” R.S. Granoff Architects designed the homes with a warm and pleasing color pallet that feature hardwood floors, cathedral ceilings, crown moldings, world-class fixtures and granite countertops.

Other amenities at Greenwich Place include a Cybex-equipped fitness center, heated swimming pool and a children’s play area. In addition, Greenwich homeowners gain privileged access to the Robert Trent Jones golf course as well as sprawling beaches. The community is just minutes away from world-class restaurants, shopping and cultural venues and the local public schools are among the finest in the region. Plus, Midtown Manhattan is just 41 minutes away via the Metro North rail line.

Inside the units, gourmet kitchens boast cherry wood cabinetry in a variety of custom stains, GE stainless steel appliances, contemporary Waterworks brushed nickel faucets, Moen sinks and sleek stone countertops with tile backsplashes. Decorative touches include wood trim throughout every unit, hardwood flooring, recessed lighting and solid, four-panel interior doors with Baldwin crystal and brushed nickel hardware. Bathrooms feature Walker Zanger marble, Toto sinks, tubs and toilets, ceramic tile showers with seamless shower doors, Waterworks faucets and stone-top vanities. Powder rooms offer wood flooring and a Kohler pedestal sink.

Additionally, air conditioning, baseboard heat, pre-wiring and energy-efficient GE washing machines and dryers add modern-day efficiency to every home.

“In general, the value of living in Greenwich is unsurpassed. Just 41 minutes to Manhattan’s Grand Central Station, Greenwich is renowned for fine dining, world-class shopping, exquisite beaches and an emphasis on culture and philanthropy,” says Beninati.  “The town has a track record of healthy and sustainable appreciation, with an 8 percent appreciation rate over the past 29 years. Taxes are among the lowest in the region, 74 percent lower than nearby Scarsdale in Westchester County, New York. Greenwich Place and Greenwich Oaks are beautiful communities situated right in the heart of Greenwich. And what’s very exciting to us is that we’re able to provide these homes at a very reasonable cost.” The homes are affordably priced — starting at $485,000 — which is low in the Greenwich marketplace, and “simply unheard of for a home of this caliber,” he says.

“When we purchased Greenwich Place in February, it was part of the largest real estate land acquisition in Connecticut history,” Beninati continues. “Since then, we’ve begun updating the property to turn it into a beautiful, modern and environmentally friendly community.”

Rev. Ruben Diaz Apartments, New York City

In the Bronx, New York City, a joint venture between Woodmere, New York-based The Arker Companies and Bellerose, New York-based Jackson Development Group, is developing the Rev. Ruben Diaz Apartments, a mixed-use residential community. The $26 million, ground-up construction will include a total of 157,000 square feet, standing 12 stories. The project features 111 residential units encompassing 110,500 square feet, 20,500 square feet of ground-floor retail space, and 26,000 square feet of community and office space.

Construction began in July 2006, with completion scheduled for September 2007. The grand opening is expected a month later in October 2007. Hugo Subotovsky of Hugo Subotovsky AIA Architects, LLC designed the project, and amenities for residents include on-site laundry and parking.

The initial impetus for developing this project proceeded from the joint venture’s desire to create a mixed-use development that would help promote community development in the Longwood section of the Bronx, as both firms involved have a strong record of creating affordable housing opportunities for working New York families.

“The project holds special value for the neighborhood because it helps address local community needs in multiple ways,” says Alex Arker, principal of The Arker Companies. “In addition to providing first-rate affordable housing in an economically distressed area, the complex will stimulate local job creation through its retail component. The development will also support local community development efforts by providing community meeting space and promoting local economic development. In addition, 10 percent of the units will be set aside for formerly homeless households.”

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