Vornado enters NYC market with the Park Laurel

Real Estate Weekly, July 21, 1999

Vornado Realty Trust, one of the nation's largest REITs, has made a dramatic entrance into New York's residential market through its affiliate, VNO63rdStreet LLC. Its launch is the flagship Park Laurel, a 40-story super-luxury condominium tower commanding spectacular Central Park views at 15 West 63rd Street.

With 53 apartments, including full-floor residences, The Park Laurel is the only condominium currently under construction that directly overlooks Central Park. The gracious 1,309 to 4,782 square-foot residences are priced from at $725,000 for a two-bedroom to over $10 million for the duplex penthouse.

Construction, which was started in May 1999, is ahead of schedule and occupancy is slated for November 2000.

"The Park Laurel has the best location and best park views of any site in Manhattan," said Steven Roth, chairman and CEO of Vornado Realty Trust. "And since this is our flagship super-luxury residential development, we've designed the most elegant and sophisticated building possible."

The tower's regal brick and limestone upper facade was designed by the award-winning firm of Beyer Blinder Belle. New York's premier residential architect, Costas Kondylis, crafted the limestone garden entranceway and classical marble and mahogany lobby, as well as the pre-war style residences, which feature elegant nine-foot ceilings, mahogany floors and architectural detailing throughout.

"Park views greatly enhance the living experience and provide long-lasting value," said Louise Sunshine, president of The Sunshine Group, the exclusive sales and marketing agent for the tower. "People are willing to pay a premium for this coveted feature, which only appreciates over time. I call it 'the Park Factor.' The fact that we broke all records by selling 11 apartments in just 10 days speaks to the desirability of condominium home ownership at The Park Laurel with marvelous Central Park views."

The tower rises above the five-story McBurney School, whose landmarked Italian Romanesque limestone facade is being preserved and incorporated into The Park Laurel.

Expansive windows maximize Central Park views, and the residences begin on the 11th floor.

Owners will enjoy a residents-only fitness center, a children's playroom, 24-hour concierge service, as well as a ground-floor bicycle/carriage room that makes it easy and convenient to enjoy the park.

"Families appreciate the fact that they do not have to transport carriages and bikes to and from apartments or make special trips to the basement to retrieve them every time they want to take the children to the park," said Jeannie Woodbrey, sales director of The Park Laurel for The Sunshine Group. "Central Park is an extension of the lifestyle at The Park Laurel, and families are very attracted to this."

The charming neighborhood, which includes the jogging and bridle paths of Central Park; exclusive residential Central Park West; nearby Lincoln Center for opera, ballet, music and theater, as well as many fine restaurants and private schools, makes a home at The Park Laurel a wonderful lifestyle buy.

The appointments and finishes in the residences are sumptuous. For example, master baths feature 18[inches] x 18[inches] Calacatta Gold marble slab floors, double-sink vanities with Calacatta Gold slab tops, polished-nickel fittings, six-foot cast-iron tubs with marble surrounds and separate over-sized marble stalls. For its flagship residential property, Vornado is providing buyers with appointments of urban sophistication, including Urban Archeology's polished black-and-gold St. Laurent marble, glass-legged vanity with brass feet, which serves as the centerpiece of the stylish powder rooms. Sparkling white kitchens with classic detailing come with Cafe' Ochre granite slab countertops and top-of-the-line appliances, such as SubZero refrigerators and Miele dishwashers. Thermador double wall ovens and Thermador five-burner cooktops provide sophisticated cooking space for entertaining.