COVER STORY, JULY 2008

BEYOND COOKIE CUTTER
New multifamily high-rises are anything but ordinary.
Stephanie Mayhew

Within urban centers, high-rise multifamily developments dominate the landscape. Not only do these towers fill the need for housing in dense cities, the high-rise facilities also fit quite nicely on small development sites, a plus in Northeastern cities with dwindling developable plots. In this month’s issue, Northeast Real Estate Business profiles three distinctive high-rise multifamily developments.

Toren — A Global Effort

Toren in Brooklyn, New York City.

In Brooklyn, Toren is currently underway in the Fort Greene neighborhood at 150 Myrtle Avenue. According to Don Capoccia, a partner at BFC Partners, the development firm has always been attracted to emerging neighborhoods, and they felt that the site in Fort Greene would offer residents some great amenities. “This site was a great opportunity in particular because of the access to public transportation,” he explains. “It is within a couple of blocks of 12 major subway lines in the city, and if anybody is going to consider a Brooklyn residential location, access to public transportation is at the top of the list.”

Designed by Skidmore, Owings & Merrill, the silver-blue aluminum and glass façade tower will rise 38 stories and feature 240 units. Residents will have a choice of studios, one-, two- and three-bedroom units that range from 442 to 1,967 square feet. The top eight floors of the project will feature eight one-bedroom penthouse units and 24 two- and three-bedroom duplex penthouse units that contain two-story living rooms and floor-to-ceiling views. Prices for the residences range from the mid-$300s to $1.7 million. Co-op 212 is the exclusive marketing firm for the project.

The project will also include 14,000 square feet of retail space on the ground floor with about 400 running feet of exposure along Flatbush Avenue. BFC has not secured any tenants as of yet, but Capoccia notes that the exposure would be ideal for a food tenant or even a car dealership, since Flatbush is such a well traveled road. Amenities include a multi-level roof garden, an outdoor screening area, a 2,000-square-foot fitness center managed by Iowa Sports, a swimming pool with a skylight, locker rooms, a sauna, a library/lounge, a 24-hour concierge, and a two-level attended parking garage.

Toren

Capoccia admits that when BFC envisioned the plan for Toren, the market was a much different place than what is it today. “I think we did a great job of anticipating where we are today strictly by coincidence,” he says. “That entails a basic basket of unusual aspects that allows this project to distinguish itself and really stand alone in the market.” This basic basket includes several green design and sustainability aspects, a striking design, a global effort, and an economic affordability.

The high-rise condominium is set to be LEED-Gold certified; however, this project goes above and beyond. For example, the building will contain its own cogeneration plant, which will allow it to actually generate and distribute its own electricity to the residents and retailers. “Not only do we have great energy savings and monthly cost savings for the residents and tenants, but in the event of a blackout, Toren will remain in operation. A great benefit to perspective buyers,” remarks Capoccia.

TOREN Developer: BFC Partners Architect: Skidmore, Owings & Merrill Location: 150 Myrtle Avenue in the Fort Greene neighborhood of Brooklyn, New York City Stats: 38 stories, 240 units and 14,000 square feet of retail space

Toren will also offer a level of affordability for economic integration. There will be 42 affordable housing units available for those that make 175 percent of AMI. The company is also making an economic difference outside of New York City. The kitchen cabinets that adorn the units are from a company in Louisiana that was established post-Katrina in the Go Zone in Louisiana, an effort by BFC to help rebuild the Gulf. “This mix of tangible and intangible aspects that have been brought together allow us to execute this wonderful building that looks great, but also has a great story behind it,” notes Capoccia.

The story behind the project seems to be fueling sales, which are currently going well. After only 5 weeks of sales, the units were already approximately 33 percent sold. The affordable units, which must go through a city-mandated lottery process, are greatly in demand. Out of 42 affordable units there are 1,300 qualified applications. “The sales velocity is being driven by the unique nature and design of the project,” explains Capoccia. “It has to do with being green, it has to do with globalization, it has to do with rebuilding the Gulf and so many other issues that people are responding to today.” The project is slated for completion mid spring or early summer 2009.

Platinum — Life Experiences

Platinum

When SJP Residential Properties set out to design Platinum, a 43-story, 220-unit luxury condominium tower, the firm wanted to create something that would never be mistaken for just another cookie-cutter multifamily high-rise development. Selecting just the right location was the first step and designing an iconic building was the second. “As a developer, it is important to look at well established neighborhoods, but also keep an eye open for those neighborhoods that are going through a transformation,” explains Allen Goldman, president of SJP Residential Properties.

So, when the transformation of the Eighth Avenue corridor in Manhattan, New York City, was announced, the developer took notice. “The Eighth Avenue corridor from 42nd Street up to Columbus Circle is going through a huge change that will make it unrecognizable from just a few years ago,” explains Goldman. “There is a great deal of development, both residential as well as commercial, that is going to transform Eighth Avenue to look more like the area between Sixth Avenue and Third Avenue.”

Situated at the epicenter of the city, the corridor is strategically located to ensure access to all parts of the city, easy access to transportation and close proximity to activities ranging from restaurants to theater. “When I was studying various markets for future developments, there were people that were talking about the West Side and the far West Side, but I really wanted to build in an area that in 10 years would be fully transformed and people would say ‘Why didn’t I think about moving there?’” says Goldman. “Before Platinum, there was not really an opportunity for an upscale living experience, but now the development has put the neighborhood into the kind of position in which it is a viable alternative to just about any other neighborhood in the city.”

Platinum Developer: SJP residential Properties Architect: Costas Kondylis Location: Eighth Avenue and 46th Street in Manhattan, New York City Stats: 43 stories, 220 units

Currently, SJP Residential Properties is nearing completion on the slender tower situated on Eighth Avenue and 46th Street. Costas Kondylis designed the iconic building, incorporating dark and light sections within the façade, along with four distinctive stainless steel bars at the top. “It is really a dramatic design,” notes Goldman. “The challenge to the architects was that I wanted a building that was iconic and did not look like every other glass building.” Goldman believes they succeeded. From the moment a resident walks into the lobby, they will know that Platinum is something unique. The lobby contains a floating granite island surrounded by a moat of moving water with a 26-foot long fireplace on one wall and video art on 15 feet of plasma screens on the opposite wall. The plasma screens will play themed videos throughout the day, reflecting the season and major events. “My interest was not just in creating another residential building,” he explains. “I wanted to create a design with finishes that gives people an experience when they come home.” The end result is a building with a cutting edge design from the very detailed portions of each residential unit to the amenities to the exterior of the building.

Adding to the life experience of the residents is the building’s full-floor amenity package known as the Zone. The Zone includes Q Lounge, an entertainment area where residents can watch a 50-inch plasma screen TV or play a game of pool; the Spa Lounge, which contains experiential showers, a massage treatment room and a wet lounge; and the Recovery Zone, an ultra quiet place with full body massage chairs. The project also features indoor and outdoor yoga studios, a golf simulator room, a fully equipped fitness center and a landscaped outdoor terrace complete with an outdoor fireplace for cool nights and a cooling misting area for hot days, as well as custom cabana lounge chairs. “The amenities really create a life experience,” says Goldman. “So when Platinum residents come home, they can easily stimulate the other part of their lives.”

As of May, the building was more than 70 percent sold. Occupancy is slated for this summer and the project is set for completion this fall. There is no question that a great deal of development and redevelopment is going on in the Eighth Avenue corridor, so as the building nears completion, Goldman hopes that Platinum will inspire others developing in the area. “As the project comes together it really will represent what the future is in terms of design and the creation of residential development in urban centers,” he notes.

The Edge — Grit Meets Glamour

The Edge

In the northern portion of the popular Williamsburg neighborhood of Brooklyn, New York City, Douglaston Development is currently working on phase one of The Edge, a new high-rise multifamily development. Situated along the waterfront, the ground-up development will encompass two full city blocks, offering a total of 1,085 residential units. According to Michael Kaye, president of Douglaston Development, the site was originally the home of the Brooklyn Eastern District Terminal, which was last used as a shipping terminal in the 1970s. Seeing the potential in the neighborhood, Douglaston purchased the vacant property while it was still zoned manufacturing in hopes that it would be rezoned for future commercial or residential use.

“Because it is historically an industrial neighborhood, even though it is only 1 subway stop from Manhattan, it contains several sites that are really ripe for new development,” says Kaye. “There are several innovative projects going on throughout the neighborhood — boutique type retail stores, galleries, and a tremendous number of bars, restaurants and music venues. It is a youthful place.”

The Edge Developer:  Douglaston Development Architect: Stephen B. Jacobs Group Location:  North Williamsburg in Brooklyn, New York City Stats:  North Edge is 15 stories with 205 units and South Edge is 30 stories with 575 units. Separate building will contain 347 moderate-income rental units.

However, very few of the projects currently underway in the area are of the size and scope of The Edge. “In many parts of the city, sites were either up-zoned or down-zoned. The waterfront was up-zoned to permit projects such as ours, but the balance of the community was down-zoned to create a maximum height of 65 feet throughout the community,” explains Kaye. “Being along the waterfront is a great thing because one side of the of the project sits directly on the water and one side is set along an urban state park, so not only do we have beautiful views of Manhattan across the river, but we have views across the park, resulting in unimpeded views in all directions.”

Designed by The Stephen B. Jacobs Group with interiors by Andi Pepper, phase one of the project will include two towers — North Edge and South Edge — totaling 575 luxury units. South Edge is a 30-story tower with 370 units ranging from 490-square-foot studios to 2,075-square-foot three-bedroom units. North Edge encompasses 15 stories with 205 units ranging from 570-square-foot studios to 2,275-square-foot three-bedroom units. Prices for the units start at $420,000.

In addition to the two luxury condominium towers, Douglaston is building an apartment building with 347 moderate-income rental units. The project will also include 60,000 square feet of retail space, below-grade parking for 700 cars and 1.75 acres of open space, which will include a public park on the waterfront that will feature a promenade and piers with a water taxi landing. The Developers Group is handling the sales and marketing for the development. The second phase of the project is still in the planning stages, but it is set to feature approximately 500 additional residential units.

Kaye notes that one of the most unique features of the site is the enormous amenity package. Kaye also adds that the project, which encompasses nearly 40,000 square feet, is practically a project unto itself. The amenity feature will be managed by American Leisure Corporation and will include an all-season indoor/outdoor swimming pool, full gyms in both buildings, an all-purpose activities court, demonstration kitchens, a spa with a co-ed steam room and sauna, a waterfall that residents can sit in, a video game console featuring a golf simulator, game rooms, a children’s play room, and two separate screening rooms. “A varied amenity package has become something that people look for in a new construction condominium project,” remarks Kaye. “We are not only giving residents the biggest in Brooklyn, but anywhere in the city.” In addition, the 700-car underground valet parking garage will feature hybrid Zipcars for an environmentally friendly touch. The entire project will also be LEED certified. Douglaston is shooting for LEED-Silver certification from the U.S. Green Building Council.

Upon completion in late summer 2009, The Edge with its amenity package and high level of finishes will continue to fuel the growth of this dynamic neighborhood. “It is a change for the community because of the scale of the job since there has not really been anything like this before,” Kaye says. “The Edge will help establish Williamsburg as a rival to some of the other neighborhoods in Manhattan.”

©2008 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.