News
MULTIFAMILY MONDAY: DOUBLE LUXURY
March 21, 2011
 |
| For this month's Multifamily Monday, we take a peek at two metro-area luxury developments nearing completion. Related Cos’ MiMA, the 63-story, 1.2M SF mixed-use glass tower at 450 and 460 West 42nd St, is in the final stages, with apartment occupancy slated for mid-April. The building's a compilation of the most popular features of the 14 buildings Related has developed and the 17 rental buildings it owns in NYC (like The Caledonia, One Carnegie Hill, Superior Ink, and the Time Warner Center). The result: luxury multifamily, theFrank Gehry-designed Signature Center (which houses theSignature Theatre Co), a 669-key YOTEL New York concept hotel, and more than 12k SF of ground-floor retail. The condo sales launch and hotel opens in May, and the Signature Center will then open in early ‘12. |
 |
| The majority of the building will be the 500 market-rate rental apartments (floors seven through 50) and 151 condos at the top of the tower (floors 51 through 63). Related SVP Greg Gushee tells us the rental office had its soft opening a little over a week ago, and already they’ve signed a bunch of leases; the building's appealing to 20- through 40-somethings, empty nesters, and people drawn to the neighborhood and the building for its services, amenities, and views. The condo fit-outs are scheduled for completion by the end of the summer and the theatre's by year-end. |
 |
| Many of the amenities are grander versions of what have appeared in other Related buildings, Greg tells us. Apartment tenants and condo owners will have access to the M Club, a 44k SF (that’s over an acre) amenity space primarily located on the third floor, with an 18k SF Equinox fitness center, landscaped outdoor terraces, party rooms, catering kitchens, outdoor and indoor screening rooms, game room (pictured), an Internet cafe, and business center. And Fidowon’t be left out—the pet-friendly building also features a new concept called Dog City, a pet spa with indoor and outdoor play areas, grooming and training facilities, feeding and walking services, and scheduled play dates. We’ll raise a paw to that. |
 |
| And on Friday, we traveled to Princeton, NJ to visit The Residences at Palmer Square, a $100M, three-phase luxury residential development that completes the Palmer Square mixed-use community located adjacent to Princeton University. Palmer Square Management VP David Newton and Stasse and Co managing partner Jay Goldberg gave us the grand tour of the Minno & Wasko Architects-designed development, where MOD Construction Services is wrapping up completion of the first phase of 11 two- and three-bedroom townhomes and 16 one-, two- and three-bedroom condos. Six of the townhomes are ready for occupancy, with the condos ready for a spring move-in. Upon its early ‘13 completion, the project will have 17 townhomes, 31 condos (prices from $1.2M to $2.5M), and 52 apartments in seven buildings. |
 |
| Above, a partial bird’s eye view of The Residences, which has apedestrian-friendly layout with a courtyard and three promenades. These link the development with the rest of Palmer Square (a four-acre mixed-use development with 160k SF of office, 110k SF of retail, and 128 existing residential units), the historic hotel Nassau Inn, and the rest of Princeton’s downtown. The proximity of The Residences has been important for buyers (two have bought townhomes and three have bought condos already), says David—they want a maintenance-free lifestyle. In the past, this trend had been limited to empty-nesters looking to downsize, but now evenyoung couples with children are looking for a similar way to live. He’s also met with some buyers from Bucks County, Pa. who are looking for more upscale living, but with the non-city feel they’re used to. |
 |
| So put away your lawnmowers, since there’s little to worry about around here. Princeton’s downtown retail continues to evolve, and there’s not much you have to leave to find, Jay says (as you can see, there’s no battling long holiday lines at the mall). And the proposed expansion of the rail tunnel system under the Hudson could further increase Northeast Corridor train speed to NYC, attracting more people to town. Both the townhomes and condos feature washers and dryers, California Closet systems, and a complete kitchen appliance package. (Bonus: the four-level townhomes even have their own wood-paneled elevators). Completion of the Residences fulfill the Euro-style town setting that Edgar Palmer (heir to the New Jersey Zinc Co and 1903 Princeton grad) envisioned when he originally built Palmer Square in 1937, David says. |
