Luxury market renaissance attracts European guests

Real Estate Weekly, Sept 1, 2004 by Patricia Warburg Cliff

The warm breezes of summer have brought with them a new breed of residential real estate buyers who have been absent from the New York City market for a number of years--the foreign buyer. Specifically, the European buyer.

Europe, which for the better part of the last 50 years was regarded as comprising the countries west of the "Iron Curtain," has changed its "borders." It now encompasses just about everything west of Moscow--a considerably greater tract of land to draw upon--where new fortunes have been made. Rich people are magnetically attracted to New York City, which offers the life style and selection of consumer luxuries from around the world often difficult to find anyplace else.

The proliferation of new luxury condominium developments offers a wide selection of comforts for the off shore buyer, with every imaginable convenience: concierge, maid service, room service, built-in health club facilities with full spa amenities and, of course, high-tech security systems.

The pioneers in this area of ultra luxury were Trump International at One Central Park West and The Chatham at 181 E. 64th St., followed by The Ritz Carlton on Central Park South and on West Street in lower Manhattan, as well as One Beacon Court on E. 58th Street at Lexington Avenue.

The ultimate in full service living, however, is being offered at the Time Warner Center at Columbus Circle, where in addition to living in a stunning piece of architecture, the savvy international buyer need never leave the premises. His/her every conceivable need has been met on the home turf, including luxury shopping and the availability of a huge organic food market. The international market for these properties is strong and the absorption rate excellent.

The East River neighborhood has been enhanced by the enormously successful sell out of The Grand Beckman on East 51st and First Avenue and the by Trump World Tower opposite the United Nations. The proximity of these properties to the United Nations International School has made them very popular with diplomatic families and international business people who have made New York City their home.

Downtown--once the exclusive enclave of New Yorkers in the arts--has turned into the most sought after locale for international celebrities in the film and fashion industries. Because of the creative sensitivity of this clientele, full "ultra-luxury" service is less in demand than extraordinarily beautiful, cutting edge architecture. In a neighborhood of converted factories and warehouses, The Hubert located at Hubert and Beach Streets in Tribeca, Which sold out in record time, has set the highest standards for new downtown architecture.

Presently in construction downtown are Astor Place, a unique, wavy glass curtained building, designed by Charles Gwathmey and the ultra luxurious Richard Meier modular "Bauhaus" glass structure, located on the sought after Hudson River Gold Coast at West Street and Charles Street. These buildings have changed the architectural expectations of downtown clientele and are being sold as "objects d'art" to the most discriminating, sophisticated international buyers.

PATRICIA WARBURG CLIFF

SENIOR VICE PRESIDENT AND DIRECTOR

OF EUROPEAN SALES

THE CORCORAN GROUP