Institutional Investor's Alpha Magazine - April 2008 - (Page 58)

SPECIAL REPORT: LUXURY MARKETS Photo above shows one of the planned living rooms at the W New YorkDowntown Hotels and Residences, now under construction without delivering the same level of beneﬁts.” One of the strong selling points for Adagio is a high-end amenity package, despite its boutique scale – made possible by its connection to a large rental building. Adagio oﬀers tennis, a pool, a ﬁtness center with yoga and a Pilates studio along with its loft-style, oversized residences, according to Melina Starr, director of marketing and sales for Prudential Douglas Elliman. Occupancy is expected in early summer. In Long Island City, The PowerHouse, a 177-unit residential project scheduled for completion this fall, oﬀers an amenity package that includes an aqua grotto, roof deck, ﬁtness center, lounge, media room and children’s play room. The PowerHouse also has a unique design: seven ﬂoors of the original Con Ed power station and four ﬂoors of new construction, including four “smokestack” units with large circular living areas that jut out from the building. “It’s like living in a bird’s nest with spectacular views of the city,” says Starr, adding that closings are expected to begin this fall. The Collection, the ﬁrst Armani/Casa-branded residential project in the world, according to SHVO Marketing. There are 409 residences in the 38-story brick and limestone building, originally the ﬂagship oﬃce for Chase Manhattan Bank back in 1929. The new Armani/Casa interior design includes spacious residences and unique “couture amenities.” A few blocks to the south in Battery Park City, Rector Square oﬀers views of New York Harbor and the greenery of Battery Park. The 24-story, 303-residence building is designed with a country club ambiance including ivy facades, in a location within walking distance of Wall Street. More Manhattan Gems Other residential gems are sprinkled throughout lower and midtown Manhattan. In the West Village, Related Group has unveiled Superior Ink, a 17-story condo tower/ townhouse development at 70 Bethune Street. To the east, the Clarett Group is oﬀering Sky House, a 55-story luxury condominium at 11 East 29th Street in Manhattan’s Madison Square Park neighborhood. One of Chelsea’s new luxury buildings is 650 Sixth Avenue, a restored Beaux-Arts building whose 67 residences feature a minimalist “white-on-white” design. “We’re bringing an important lifestyle to the neighborhood: a less-is-more sensibility articulated through quality and texture,” says Shvo. Reﬂecting on the current state of New York’s luxury market, Shvo says buyers are seeking a residence that suits their current lifestyle and has the potential for appreciation in the future. “The consumer knows that buying a unique product is the right approach for a ﬁnancial investment,” Shvo says. “It’s like buying blue-chip stocks on Wall Street. In the long term, it’s the strong companies that deliver the best performance.” ■ —By Richard Westlund In the Financial District With its proximity to Wall Street and attractive pricing, Manhattan’s ﬁnancial district is one of New York’s strongest residential markets this year. “We expect that trend to continue,” says Shvo. “With the construction of the new World Trade Center, more jobs and people are coming to the market, and there is a huge lack of supply of residential properties.” Shvo notes that luxury retailers such as Tiﬀany and Gucci, have discovered the ﬁnancial district as well. “As the luxury brands arrive, you can tell that it’s no longer a dream – this market is happening now,” he says. “And the values are still very good compared with other parts of the city. The ﬁnancial district may have the most upside potential in New York.” One fast-selling ﬁnancial district development is 20 Pine 8 • Alpha Sponsored Report • April 2008

Table of Contents Feed for the Digital Edition of Institutional Investor's Alpha Magazine - April 2008

Institutional Investor's Alpha Magazine - April 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Here to Eternity The Good Guys: Voice of Hope Cover Story: The Kings of Cash Where the Money Is Into the Light Interview: Proceeding with Caution Strategies: A Convenient Truth Alpha Bytes: Village Voice Unhedged: Commentary: No Time for Complacency

Institutional Investor's Alpha Magazine - April 2008

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