Silverstein Properties' Robert Vecsler Talks Downtown Manhattan’s Evolution
When discussing Silverstein Properties' 82-story, Robert A.M. Stern-designed 30 Park Place Four Seasons Private Residences—which recently began closing sales on units—chairman Larry Silverstein called downtown “the most desired and fastest-growing residential neighborhood in Manhattan.”
Silverstein has done its fair share for Manhattan’s lower half—with both the World Trade Center complex and properties like 30 Park Place—but has Downtown earned such accolades? Silverstein Properties residential development president Robert Vecsler (pictured) thinks so.
Bisnow: Silverstein has changed Downtown’s perception and popularity with the World Trade Center complex, including the recently opened Oculus. What, in your opinion, has Downtown become? Is it now a live/work/play hub?
Robert: You can trace Downtown’s evolution back to the original vision Larry Silverstein had 15 years ago. Downtown has become a bigger center of gravity for media and tech companies like Condé Nast. On top of that, he wanted residential development to be part and parcel with office and retail development, and we’re seeing more residential developers work down here. The raising of the Four Seasons flag was truly a sign that the neighborhood had become a luxury destination. Both Nobu and the Wolfgang Puck restaurants are moving down here as well. We’re really fulfilling Larry’s vision and allowing buyers and investors to recognize the value they have.
Bisnow: Would you say there’s anything missing to further catalyze this evolution?
Robert: There’s not really one thing, we just need more of the organic growth we’ve been seeing. Oculus is just a continued expansion of retail that started with Brookfield Place. More and more mom-and-pop shops are being bought up and being replaced with brands that can make the neighborhood more lively. You already have some of the best schools in the city down here and access to greenspaces. It'll just be a bit more time until people realize the progress we’ve made.
Bisnow: Would you say that the purchasers are the same that you’ve seen before? Or has the Treasury Department’s investigation and international volatility affected who’s looking?
Robert: We haven't noticed any impact from the investigation. As for international volatility, we’ve seen a gradual decrease in the international—particularly Asian—markets starting more than a year ago. With respect to our Four Seasons project, we’ve always enjoyed a wide range of buyers, but now we’re finding a greater percentage of local buyers interested in our premium penthouses.
Bisnow: With the condo market’s struggles at Billionaire’s Row, is Silverstein finding that its own sales are being affected?
Robert: The New York market’s always going to be desirable for housing and investment, but you need to have a product that differentiates itself manage through any twists. We pursue projects with that mentality, and the type of lifestyle we offer is appealing, regardless of the market. That’s why our Four Seasons project got off to a good start and continued momentum throughout its life. Now, we’re about 75% sold, and there's more activity now that buyers can actually visit the space and see the incredible views.
Bisnow: What does the future hold for Silverstein Properties, Downtown Manhattan and multifamily? Are you keeping your eyes on any other neighborhoods?
Robert: We're very excited as an organization about Downtown and are always exploring new opportunities presented to us. At the same time, we’re pushing forward on our residential development in other parts of the city, such as the 246-unit condominium at One West End, which has gotten off to a great start and is about 60% sold and will deliver Q2 2017. We’re also in the planning stages for a project on a large site on West 41st St near 11th Ave.
