Institutional Investor's Alpha Magazine - October 2008 - (Page 37)

$15 million, or more than $2,700 per square foot. The Century, also designed by Robert A.M. Stern Architects, will be ready for occupancy in 2009. Related has also sold luxury units in the Time Warner Center in New York and the forthcoming Frank Gehry-designed Grand Avenue mixed-use development in downtown Los Angeles. Super Amenities Of the attractions of The Century, David Wine, vice chairman of Related, says: “Wealthy L.A. buyers who are extremely discriminating and have purchased multiple homes in Montecito, Malibu, New York, Aspen and other destinations, have found they can still have the ultimate Los Angeles lifestyle while also gaining resortlike services and amenities.” The landscaped estate gardens feature outdoor entertaining rooms with ﬁreplaces, fountains, walking paths and private spaces. The Equinox Club, which is owned by Related Sales, will put a luxury gym in the development. Condo owners can entertain guests in the Assouline Culture Lounge, followed by a showing in the private screening room and a catered ﬁreside dinner in the garden. “It’s Los Angeles estate living without the headaches,” says Wine. The pool area consists of a 75foot pool with views stretching to the Paciﬁc, privately owned cabanas and outdoor dining. There is also a wine tasting room, personal wine storage, a children’s playroom and a business center with a boardroom. Unique amenities continue to be important to buyers. The Plaza, the hotel-turned condominium at one of New York’s most desirable locations, the corner of Fifth Avenue and 59th Street, held a party for buyers in May. Revelers were treated to caviar and cognac, while the entertainers and buffet replicated 17th-century Dutch art. The Plaza’s highest-priced apartment so far has been an 11th-ﬂoor condo that sold this year for $45,100,956, according to city records, making it the second-most-expensive apartment ever to close in New York. While luxury is in, DeVine says the houses that sell best are generally under 12,000 square feet; anything larger will require too much work and will not be energy efﬁcient. “If it’s much bigger than that,” she says, “unless it’s a palace in Scotland, people will come to look, but they don’t really want to buy someone else’s ego trip.” ■ Luxury properties facing the southeast corner of Central Park in New York. Call Today! http://www.grandestatesauction.com http://www.grandestatesauction.com

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

Institutional Investor's Alpha Magazine - October 2008 Contents Letter from the Editor Longs & Shorts Pension Corner: Process of Evolution The Good Guys: Israel's Champion Interview: Fast Lessons for Hard Times Cover Story: Industry Under Siege The New Hedge Fund Economics Good-Bye, Easy Money Caging the Shorts Strategies: Bottom Fishing Profile: Cult of Personalities Research Center: Alpha Awards: Eye of the Storm Alpha Bytes: Funneling the Chatter Unhedged: Commentary: Attention, Hedge Fund Shoppers

Institutional Investor's Alpha Magazine - October 2008

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