FEATURE ARTICLE, JULY 2006

SPOTLIGHT ON MULTIFAMILY HIGH-RISES
Compiled by Jaime Lackey and Dan Marcec

Trump Plaza
New Rochelle, New York

Location: 175 Huguenot Street, New Rochelle, New York

Property type: Condominiums

Size: 40 stories, with 181 units ranging in size from 786 square feet to 2,000+ square feet.

Start date: Fall 2005

Completion date: Summer 2007

Project cost: Sales Value of $153 million

Owner: New Roc Parcel 1A, LLC

Developer: The Trump Organization and Cappelli Enterprises, Inc.

Architect: The Lessard Group, Inc.

General Contractor: George A. Fuller Co.

Other companies that contributed to the project: The Marketing Directors, the exclusive marketing and sales agent; Tadjer-Cohen-Edelson Associates, the structural engineer.

Amenities: A 24-hour attended lobby, an indoor pool, a fitness center with exercise classroom and spa treatment room, a library, a screening room, a children’s playroom, a private terrace and valet parking. The Trump Club features a pantry, billiards and plasma TV.

“Trump Plaza is the first true luxury building in New Rochelle. Young professionals have accepted New Rochelle as an ideal place to live due to its proximity to New York City and easy commute. There is a pent-up demand for for-sale product and Trump Plaza New Rochelle is the first high-rise new construction condominium of its kind in the market. Its spectacular views of Long Island Sound and Manhattan will give it a strong position in the market,” says Adrienne Albert, president of The Marketing Directors.

485 Fifth Avenue
New York City

Belfonti Capital Partners is underway on 485 Fifth Avenue in New York City, a 14-story luxury condominium project that combines the architecture of Handel Architects with the interior finishes of fashion designer Peter Som.

Property type: Luxury condominiums

Size: 14 stories, with 104 residences ranging from one- to four-bedrooms and one penthouse featuring 3,000 square feet of outdoor space. Total square footage is 185,000 square feet.

Start date: January 2006

Completion date: First half of 2007

Project cost: $170 million

Owner and Developer: Belfonti Capital Partners

Architect: Handel Architects

General Contractor: R.C. Dolner

Other companies that contributed to the project: The Corcoran Group, The Sunshine Group, Peter Som Inc., Assouline Inc.

Amenities: A refined ground-floor residential lobby with an impressive double height space and a three-story winding staircase. The front desk will be staffed with a members-only concierge service providing residents with the best recommendations, tickets, event planning and global travel arrangements. The second floor of the building will feature a private garden, tying the two residential towers together. 485 Fifth Avenue also boasts a 10,000-square-foot amenities space including a state-of-the-art fitness center, a screening room, a wine cellar, a private lounge and dining room, all featuring a special collection of furnishings reflecting the look of fashion designer Peter Som, who is working with Belfonti Capital to design the residences. There will also be approximately 26,000 square feet of retail space in the base of the building.

“Peter Som is bringing the same elegance, beautiful materials and functional ease to his designs for 485 Fifth Avenue that he does to his clothing collection unveiled every season just across the street in the Bryant Park tents. The residences come with the very clear imprimatur of good style and taste,” says Michael Belfonti, chairman and CEO of Belfonti Capital Partners.

With regard to the project’s potential for success, Belfonti says, “Very few developers have created luxury redevelopments in the heart of Midtown. We believe we’ve set a benchmark by virtue of the building’s location.”

The Aurora
Brooklyn, New York City

The Aurora, located near McCarren Park in Brooklyn, is part of a revitalization effort across the entire borough. Bronfman Fisher and North Development Group plan to complete the project this fall.

Property type: Condominiums

Size: 13 stories, 53 units

Start date: February 2006

Completion date: Fall 2006

Owner: Bayard Apartments LLC

Developer: Bronfman Fisher & North Development Group

Architect: Karl Fishers, along with interior designer Andres Escobar

General Contractor: Kiska Developers

Other companies that contributed to the project: The Developers Group, marketing consultants

Amenities: The Aurora has a rooftop sports center and lounge, both fashioned with floor-to-ceiling glass, a park and Manhattan skyline views. The building is also one of the first buildings to offer exclusive FreshDirect service, as well as a 24-hour doorman, a gym, a common roof deck and parking for sale.

“The Aurora is one of the first buildings being developed directly across from McCarren Park, which is in process of receiving an extensive facelift. The construction began before the rezoning of the neighborhood — as a result it is the last tall building on the Williamsburg side of McCarren Park,” says Highlyann Krasnow, executive vice president of The Developers Group. “The project is raising the bar of luxury living in Brooklyn, and buyers will be attracted to the abundant amount of outdoor space, lavish amenities and soaring views of the Manhattan skyline.  The building is one subway stop away from Manhattan – offering luxury living, convenience, and park-side living at a price that is affordable to all.”

The Residences at The Ritz-Carlton
Philadelphia

In Philadelphia, AGC Partners LP, a partnership controlled by The Arden Group, Gencom Group and Colgate Development, is developing The Residences at The Ritz-Carlton, a 48-story, 300-unit condominium tower scheduled for completion in fall 2008. Across the Northeast, especially in major metropolitan areas, developers are constructing high-rise residential projects, both adapting old properties and creating new ones.

Property type: Ground-up construction high-rise condominium tower

Size: 48 stories, 300 units. 550,000 square feet of condominium living area

Breakdown: One-, two- and three -bedroom condominiums and luxury penthouses, with prices ranging from $575,000 to $12 million.

Start date: Announced project in August 2005 and broke ground May 2006

Completion date: Fall 2008

Project cost: $275 million

Owner: AGC Partners LP

Developer: The Residences at The Ritz-Carlton is being developed by AGC Partners LP, a partnership controlled by The Arden Group, Gencom Group and Colgate Development. Collectively, the partners have played major roles in developing eight Ritz-Carlton projects, seven of which feature major residential components.

Architect: Handel Architects

General Contractor: LF Driscoll

Financing: Lehman Brothers of New York

Amenities: The Residences at The Ritz-Carlton will transform the vacant site of the former Meridian Plaza Building into the city of Philadelphia’s premier residential address, serving as an icon of Philadelphia’s residential resurgence.

Legendary Ritz-Carlton amenities combined with carefree Center City living. When complete in fall 2008, The Residences will be the most expensive residential tower ever to be built in Philadelphia. It will share an array of five-star amenities with the adjacent Ritz-Carlton, Philadelphia hotel, including chauffeur-driven town car,  a 24-hour doorman and concierge, lavish Ritz-Carlton lounges with a private outside terrace for residents, health and fitness facilities with a 60-foot lap pool, spa, pet-walking service, babysitting, housekeeping, and, of course, the legendary Ritz-Carlton in-room dining. 

Forty-eight stories tall and looking out at William Penn atop City Hall, the building will consist of floor-to-ceiling glass curtain-wall construction. A contemporary rectangular section will anchor its western flank, while a dramatic crystal spire will lift its eastern profile.  

Penthouses at the top of the building will include the most expensive condominium ever sold in Philadelphia: a palatial 10,000 square-foot, $12 million penthouse will sit at the top of the structure’s crystal spiral, offering dramatic 25-foot ceilings and an 800-square-foot terrace that overlooks the city. 

The kitchens and bathrooms will offer the extraordinary finishes and the finest luxuries. The Residences’ kitchen will have Dornbracht fixtures, stone countertops, a Miele under-counter dishwasher, a sub-zero refrigerator, and a gas Viking cook-top. The master bath will be a luxurious retreat, surrounded by full height marble walls, floors, and counters, and feature Bain Ultra soaking tubs, Duravit commodes, double vanities, a frameless shower and wood cabinets.    

The building will also introduce Girard Park.  The residents’ private gated garden will offer a green space that includes a tranquil water feature. The park steps down opening itself to the public for pet walking and people watching.

The Residences at the Ritz Carlton  replaces one of the city’s most controversial eyesores with a spectacular, contemporary skyscraper that will symbolize the next-generation evolution of Philadelphia’s skyline.  Designed by New York-based Handel Architects (the design architect for the World Trade Center Memorial to be built at Ground Zero in New York City), the new building dramatically recasts Center City Philadelphia, and reinvigorates the very heart of the city.

Parc Rittenhouse
Philadelphia

Allan Domb Real Estate is developing Parc Rittenhouse, a 20-story condominium conversion located on Rittenhouse Square in Philadelphia.

Property type: For-sale condominium conversion of the former Sheraton Rittenhouse Hotel and Rittenhouse Regency Apartments. The building was built in 1925 as the home of the Penn Athletic Club.

Size: 20 stories, 288 units

Breakdown: Parc Rittenhouse offers a range of studios, one-, two-, and three-bedroom residences, as well as five to seven penthouses with private elevators and large terraces overlooking Rittenhouse Square. Condos range in price from $300,000 to more than $3 million.

Amenities: Parc Rittenhouse will include an innovative, exquisitely landscaped, seventh-floor pool club with water features, a spa, a sundeck with cabanas, a state-of-the-art fitness center, a library/lounge and a media room. Parc Rittenhouse is anchored at its base by a new French bistro restaurant by Stephen Starr called Parc Bistro and the existing Devon Bar & Grille. All residences include hardwood flooring; and select residences include sub-zero stainless steel refrigerators, GE Profile appliances, granite countertops and porcelain floor tile.

Start date: 2005

Completion date: Late 2006

Developer: Allan Domb, owner of Allan Domb Real Estate; David Marshall, chairman and CEO of Amerimar Realty; Lubert-Adler

Architect: Hillier Architecture, Philadelphia

Other companies who contributed to the project: Landscape Architect - Gale Nurseries; Interior Design - Daroff Design

“The most unique aspects of this project are location and product mix. Parc Rittenhouse offers the only new homes on Rittenhouse Square currently available for purchase. Additionally, the large product mix offers a large number of homes offered from $300,000 to $800,000 and some very unique homes, including penthouses, that start at $1.7 million and have bedrooms all facing the Square,” says Allan Domb, owner of Allan Domb Real Estate and developer of Parc Rittenhouse. “Parc Rittenhouse is hitting a price point in the market that no one else is catering to in this location. The project will be a success because it will give buyers the opportunity to live on Rittenhouse Square, Philadelphia’s most desirable address, at what could be the most competitive price, now or in the future.”

Montgomery Greene
Jersey City, New Jersey

At 105 Greene Street in Jersey City, New Jersey, Montgomery Greene rises 19 stories. The property is under development by KOR Companies.

Property type: Ground-up construction of for-sale condominiums

Size: 19 stories, 113 units

Breakdown:
Studios: 560 to 600 square feet, from mid $300s
One Bedrooms: 740 to 970 square feet, from mid $400s
Two Bedrooms and Loft Space: 1,100 to 1,250 square feet, from high $600s
Penthouses: 1,660 to 1,900 square feet, from $1.4 million

Amenities: 24/7 concierge, a social room, an exercise facility, 2,400-square-foot roof top deck with wet bar, a grill, privacy screens, views of New York City and the harbor, valet parking, washer/dryer in all units, 9-foot to 10-foot ceiling height, Travertine marble in bathrooms, bubble massage air tubs, granite counter tops in kitchen, stainless steel ‘Architect Series’ appliances, and Caribbean hardwood flooring.

Start date: Fall 2004

Completion date: Summer 2006

Project cost: $44 million

Owner/Developer: KOR Companies & Time Equities

Architect: Lindemon Winckelmann Deupree Martin & Associates

General Contractor: Jeffrey M. Brown Associates, Inc.

Financing: Corus Bank

Other companies who contributed to the project: The CSR Group, & Thornton-Tomasetti Group

“Montgomery Greene is a boutique Manhattan-style high rise that offers an intimate, user-friendly, and sophisticated lifestyle.  And we must mention the best location in Jersey City — minutes from downtown New York City and 1 mile to access either the Holland Tunnel or New Jersey Turnpike,” says Natalia Carmo, director, marketing and sales for KOR Companies in Wall, New Jersey. “We were the leader in creating and constructing the first luxury high rise condo building in Jersey City in decades.  Our venture has opened the doors to many other developers who have followed our footsteps and who will soon be enjoying the benefits of being part of a fabulous ‘renovated’ water front of Jersey City.”

The Best of What’s Around Multifamily developers across the Northeast are faced with challenges through competition. With a dwindling amount of land for construction, many companies are becoming creative, and especially in the major Northeast cities, high-rise construction and condominium conversions are popular. However, no matter what a company does to work around the challenges posed in the development process, the supply still needs to meet the demand of the potential resident. Northeast Real Estate Business spoke with several executives involved with multifamily high-rise projects currently underway to discover what they feel entices potential renters and buyers. These developers all identified a stellar amenities package as one of the most important aspects of a multifamily project. “Residents are looking for a carefree, maintenance free lifestyle; they want fabulous amenities right at their finger tips,” says Adrienne Albert, president of The Marketing Directors, which is handling marketing and sales for the new Trump Plaza in New Rochelle, New York. Providing the best for residents may seem like a foregone conclusion, but the extent of these amenities is where the competition lies. For example, Montgomery Greene, a new high-rise located in Jersey City, New Jersey, includes Zen-style water walls in its contemporary designed lobby, and a beautiful outdoor garden on its spacious private roof top deck. Natalia Carmo, director, marketing and sales for KOR Companies, which is developing the project, says that for residents, “style, design, and quality is what comes to mind first.”  Potential buyers want to be sure that they are getting the most for their money, especially as prices for individual units rise in the major cities.            An overhead view of some of the many amenities at Parc Rittenhouse, currently under development by Allan Domb Real Estate in Philadelphia. Along the same lines, many of today’s condo buyers are purchasing units in the city so they can have a place to go for work, while they maintain homes in suburban areas or along the shore. Thus, these buyers want to have everything at their fingertips in their home away from home. Developments such as Parc Rittenhouse in Philadelphia seek to meet these residents’ demands by offering a full array of services. Anchored at its base by a new French bistro restaurant by Stephen Starr called ‘Parc Bistro’ and also the existing Devon Bar & Grille, Parc Rittenhouse has places to dine, and with a pool for swimming laps, a spa, a sundeck with cabanas, a health club, a library/lounge, and a media room, social activities are literally steps from home. Residents also can enjoy a private garage with valet parking and direct elevator access to condominium floors. In general, “residents look for the finest quality finishes, fixtures and appliances, access to the latest technology, lavishly detailed kitchens and bathrooms, as well as state-of-the-art building amenities such as impressive lobbies with hotel-style concierge service, fitness centers and luxurious common areas,” says Michael Belfonti, chairman and CEO of Belfonti Capital Partners, whose company is developing a 14-story condominium at 485 Fifth Avenue in New York City. Some of these aspects may seem like a lot to ask of every development that rises, but in a market with as much competition as the Northeast multifamily sector, you have to beat the best to be the best. — Dan Marcec

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