Posts Tagged ‘One Hyde Park’
Sunday, February 12th, 2012
Posted by Leonard Steinberg on February 12th, 2012
I just read an article in the New York Times that confirms domestic First Class on airlines is just a slightly bigger, wider version of the horrific Coach class airlines offer to fliers, regardless that they are spending triple or more for their seat. In fact, the perks for flying first class have shrunken more and more as each year goes by. I see the same trend happening in the new buildings coming to Manhattan.
It used to be that delivering a doorman with a nice lobby, a workout room/gym and a kitchen with a Sub Zero fridge, Viking oven and granite counters qualified as first class luxury real estate in New York: That has changed rather dramatically, and will change even further going forward. I am fortunate in that I see many of the plans for new buildings well before they come to market. And with many developers focusing their attention on the MEGALUXE market (a term we coined in Luxuryletter), the flying equivalent of the private jet commuter, a doorman and fancy kitchen are the expected basics. Now with a more educated and demanding buyer who has been seduced and spoiled internationally not only by very super-luxe residential buildings, but also some exceptional hotels, the bar has been raised even further.
The MEGALUXE building has to deliver on many levels. It has to develop a very prolific personality, with something exceptional about its entirety. Strong ceiling heights, views, solid windows, superior finishes throughout are expected. Beyond that, systems have to be discretely installed. In fact, everything has to be installed with a level of quality that New York is not accustomed to. If I hear a London-based or Beijing-based buyer say it one more time, I could lose my mind: quite frankly, they are appalled by the quality of craftsmanship in the majority of new buildings….APPALLED! Yes, this is not your first class cabin flyer……they are used to the customized cabin of a Gulfstream. Often their interior designers have designed the interiors of their jets as well as their homes, and they demand a consistency. Developers in Manhattan have not yet catered to this buyer properly: Candy & Candy of One Hyde Park have certainly done so, even though I find their taste level very Nouveau-BRIC-chic….if you know what I mean. One Fifty Seven, the new condominium/Park Hyatt hotel tower on 57th Street epitomizes New York’s version of this market.
A nice gym is not good enough: a gym has to cater to the hyper-demands of a client who has a personal trainer commissioned to deliver their subject with an Olympic athlete’s body. The gym has to adjust to the changing styles of workouts. Personally I cannot think of a high end client who wants to share their gym with hotel guests, although in some of these new buildings they will be forced to do so. Hotels have been exceptionally demanding on condominiums in the conveniences they deliver…..and the MEGA CLASS has become spoiled. Finding a balance between home and hotel will be tough, although maybe a good chunk of this new wealth from BRIC countries knows no other life.
I personally believe the MEGA CLASS will demand security and privacy more than ever, although the trend to wealthy-display-discretion appears to be fading.
This MEGA CLASS of building will set new pricing records everywhere, and unfortunately if it is not separated from the commercial/coach/business/first-class-traveller-style real estate, it will distort pricing across the board. For those not eager for this extreme of lifestyle, the savings will be large. It will be important for all to recognize the vast difference in these buildings and understand that their value will be driven mostly by scarcity. Just like domestic first class, take a closer look at that pillow: if it’s not significantly better than the pillow in coach…..
Sunday, August 14th, 2011
Posted by Leonard Steinberg on August 12th, 2011
As the political climate shifts to a more conservative stance, and the almost certainty that Rick Perry will be the next USA president, the super-wealthy will continue to seek out homes within communities that protect and separate them from the increasingly volatile outside world.
These gilded, gated communities are more obviously visible in Florida, California, Texas and Hawaii, usually featuring elegantly ornate gates with security protecting the inhabitants from the masses. In Manhattan, this country club mentality was taken to the extremes in picky co-ops such as Riverhouse, 740 Park Avenue and One Beekman where wealth alone does not secure entry. Now with buildings such as 15 Central Park West, The Time Warner Center and other high end condominiums, the old fashioned exclusionary co-op policies seem somewhat out of vogue, even though many of these buildings would probably love to institute stricter ‘admissions boards’ to keep out the riff-raff….lets face it, with the world celebrating and rewarding the likes of Snookie, wouldn’t it be nice to choose your neighbors?
The divide between the extremely wealthy and the poor will probably continue to grow. Those few individuals capable of amassing wealth through either extreme brilliance, hard work, luck or corruption, will want an environment that caters to their needs seamlessly. One Hyde Park in London is the perfect example of a building delivering that cocooned lifestyle becoming increasingly more desirable around the globe in major world centers……inclusive of bullet proof windows to keep the angry London rioters at bay?
I believe the trend to emerge out of this will be some gated community’ buildings that do not appear that way, where those living in them would be somewhat embarrassed to admit the need for the lifestyle. Because many people entering into this new wealth will have no clue about style or taste (think Snookie!) these buildings will have to deliver on every level, proposing a quality of life this buyer aspires to but would have no idea how to create: If Ralph Lifshitz could create the RALPH LAUREN uber-wasp lifestyle from A to Z, anything is possible! Security will be a growing concern, along with the staffing, swimming pool and high end gym. With the wealthy world fleeing towards quality in everything (Think the success of Hermes), the quality of these buildings from the design to the finishes to the construction to the mechanical systems will have to be of the very highest order, or they will fail.
Hundreds of apartments in this genre will be coming to the Manhattan market over the course of the next few months and years as the global economy grows (even though what is happening now is a bit scary, over the next 5 years we can be certain there will be growth). Developers who deliver an A-grade product will be handsomely rewarded. And those that deliver A-grade quality in a less obviously glitzy setting will attract the younger wealthy who don’t want to appear too ostentatious. In fact, the concept of a gated community is horrific to this buyer.
Maybe the Countess on Bravo’s The REAL Housewives of New York is wrong when she sings “Money can’t buy you class”? Leonard Steinberg sings: ”We will design, create and sell class”……for a price, of course!
Friday, August 13th, 2010
And you thought New York was expensive? Think again. A six-bedroom, two-floor penthouse in the One Hyde Park development in Knightsbridge, London has sold for £140 million — equivalent to around $220 million — making it the world’s highest priced apartment sale, according to THE REAL DEAL. The buyer, who remains anonymous, will enjoy views of the London skyline, private wine tasting facilities and top security features which include bullet-proof windows and a panic room. The property also has tunnel access to the Mandarin Oriental Hotel and its 24-hour room service. One Hyde Park was designed by Sir Richard Rogers’ architectural firm Rogers Stirk Harbour. In 2004, the site was acquired by developers Nick and Christian Candy for £150 million, or close to $235 million. The recent sale dwarfs the previous purchase price record for Britain held by an apartment in Westminster’s 8 St. James’ Square, which sold for £115 million — or $180 million — in 2008.
In Manhattan, the most expensive residential property listed is a townhouse on the Upper East Side at 1016 Madison Avenue, listed for $ 72 million, about one third of the cost of the One Hyde Park penthouse. “It is not surprising that New York attracts so many foreign buyers: the value on the very high end for an international city is actually strong, and the supply is very limited”, says Leonard Steinberg a managing director of Prudential Douglas Elliman. “This sale is explained by the lack of super-secure, full service new construction buildings in a prime location. The pound is weak right now, so a perfect opportunity for a foreign buyer to step in.”
The most expensive home in the United States is the Manor in Holmby Hills, Calif., a $150 million, 56,500-square-foot mansion owned by Aaron Spelling’s widow, Candy, according to Overseas Property Mall. The 4.6-acre California property features a library, gym, bowling alley, wine cellar, gift-wrapping room and media room. The grounds have pools, gardens, a waterfall, and parking for over 100 cars.
So does One Hyde Park have a gift wrapping room?