Luxury Developments Struck Big In 2013

It was a good year for luxury residentials in New York. According to an end of year report by Olshan Realty, 2013 saw the best year for contracts signed since 2007 totaling in at nearly $10.9 billion sold.  This represents a 70% increase over total sales contracts in 2012.

Development, particularly in the Manhattan area, also saw a sharp upturn this year. 38% of all luxury apartment sales were made on new developments that are not yet completed, and the total number of development contracts in Manhattan jumped 20% in the third quarter of 2013. The new Leonard series of developments proved to be in high demand among the wealthy tenants of New York City. 56 Leonard did particularly well, seeing 90% occupancy in 9 months at an average of $3,200 per square foot.

The Azure luxury residential in Manhattan co-developed by Carl Mattone and the DeMatteis Organizations continued its slow but steady climb to success. The Azure building announced earlier this year that it had reached 75% occupancy, and though the penthouse units remain unsold they underwent an extensive interior makeover by acclaimed design specialists Bjorn Bjornsson and James Rixner.

Though the year ended on a high note for luxury high rises, the inauguration of Bill de Blasio as mayor of New York City on Wednesday may prove problematic for 2014. de Blasio spent a portion of his ceremony speech condemning the economic disparity within NYC, particularly the rapid development of luxury condominiums under Bloomberg’s oversight. Though his current action plan shows no sign of actively opposing luxury development, he has plenty of time in 2014 to decide to do so.

Would You Rather Have A Daycare Or A Rooftop Beach?

Just how important is it to have a pool in your building? A recent survey from the Marketing Directors found that fitness related amenities such as gyms and yoga rooms are the current favorite of New York City luxury residents. But the demand for various amenities is frequently subject to ebb and flow from a lot of different factors.

Many luxury condo residents have favored “practical” amenities over “entertainment” ones, and high rises developed in the last decade responded. The relatively recent Azure luxury residence, developed by the DeMatteis Org and Carl Mattone, offers an interesting spin on offered amenities. Though lacking the obligatory swimming pool, Azure has a more family oriented suite of amenities, notably a fully stocked playroom for small children and several upscale dining areas. While not particularly flashy, they are versatile and serve vital, routine functions that tend to be more utilitarian than having a bowling alley downstairs.

Despite this, there is evidence that the trends are changing in response to the still-recovering real estate economy. A recent New York Post article found that offered amenities are starting to backlash and enter the realm of absurd extravagance. Several luxury residences such as 101 Bedford Ave, developed by Halcyon Management, are found to offer up to 50,000 sq feet of amenities, including a recording studio, a golf simulator and a rooftop beach.

As the luxury real estate market continues to improve, competition between developers to attract residents has risen with it. Amenities are eye-catching and represent the go to method of filling vacancies, making them susceptible to trends. As the market continues to improve and the upper class finds more money to spend, we can likely expect amenities to become more innate as well. 

Carl Mattone and DeMatteis Azure Building Gets an Interior Makeover

The Azure Building is a recent luxury residence tower developed by Carl Mattone/Mattone Group and the DeMatteis Organization. The Azure Building’s penthouses in New York City have received some major interior redesigns by interior decorating stars Bjorn Bjornsson and New York’s James Rixner.

Bjornsson is one of Scandinavia’s most well-known interior design veterans with 25+ years of experience. Rixner has a similar track record with 35+ years of experience and a long interior decorating resume.

The Azure penthouses were initially listed together at $11,372,000 and then split up and sold separately. The units were again combined for a massive $13,000,000 but after the redesign they will again be split for $6,200,000 per unit. Each unit features 4 bedrooms and 3.5 bathrooms with large windows to maximize the view.

Building amenities include 2 landscaped roof terraces, a fitness center, a game room and a children’s playroom among several others. The New York Real Estate Journal announced in April that 75% of Azure’s residences had been sold.

The Mattone Group’s other projects include a 460,000 square foot theater and retail complex in Jamaica Queens, personally overseen by Carl Mattone, and a 30,000 square foot retail/office building in College Point, Queens.

The DeMatteis Org has been recognized one of the oldest family run construction companies in New York and are responsible for numerous projects, many of them schools and luxury residences such as the Tribeca Tower. According to their website, the DeMatteis Org is committed towards green and sustainable buildings through environmentally friendly construction.