Overview

Do you like to do triathlons? If so, consider a unit in the Laurel Condominium, a new glassy high-rise project on the Upper East Side. From our preliminary review, it seems the rigorous fitness instruction and modern amenities will be the primary appeal of this building. The 6,000-square-foot sales center will take over next month from the smaller office currently providing information to prospective buyers. Interesting twist on this building: It’s being developed by the Alexico Group, formed by Izak Senbahar and Simon Elias (165 Charles Street & 400 East 51st Street). The development director at Alexico is Louise Sunshine, founder of the Sunshine Group. If we recall, Sunshine Group was merged with Corcoran a few years ago after NRT bought them in 2002. The Sunshine Group–no surprise–will market the units. Costas Kondylis will be working on architecture and design (where does that guy find the time?)

According to an article in the Real Deal, some of the triathlon training equipment will be brought to the sales site and Orion Mims will be on hand to educate prospective buyers. Don’t feel silly if you haven’t heard of him as nobody on our blogging staff had either. In addition to triathlon training, Mims helped design the athletic space, which will be called “The Trophy Club.” Wow! Talk about bringing fitness to the next level. I thought La Palestra was revolutionary. This project (and the sales numbers) should be interesting to follow over the next few months.

Alexico acquired the property for $143 million. While not cheap, with asking prices per square foot coming in at over $1,600 this building should eventually have total sales well into the hundreds of millions.

Occupancy is expected for Fall, 2008.

A view of the beautiful church nearby

Close-up of construction information

Prices & Units

If you read our review of Cielo (450 East 83rd) we pointed out that the prices per square foot near $1,300 were quite reasonable, especially given the low carrying charges. The Laurel is similar in terms of location, running along 1st Avenue, but the average price per foot is nearly 25% higher, coming in (for the 1-bedrooms we inquired about) around $1,700/foot. The primary difference between the two buildings is the amenities list.

The Laurel quoted me an initial price of $1.2 million for a 900-foot 1-bedroom unit. They did indicate that one-bedrooms will not be available under a million dollars. They indicated the studios, which run from 500-635 feet, will be priced from $680,000-$865,000. They also encouraged me to add my name to a priority list and visit the sales office because of the numerous layouts and wide availability of units. The building will have everything from studios to expansive 4-bedroom units.

The Laurel Condominiums — The lobby perhaps? Still trying to make sense of the construction

Amenities & Features

In terms of features, I haven’t had a chance to visit the temporary sales office yet. Knowing Kondylis, it’ll be high-end stainless steel in the kitchens, most likely SubZero, and Miele along with custom cabinetry. The website indicates “architectural” bathrooms, which could mean deep soaking tubs, glass-stall showers, perhaps heated floors? I’ll provide an update when I have more information.

The website boasts that the developers have reached “the new gold standard in terms of fitness and social amenities.” They’re probably referring to the “Trophy Club” and the “Laurel Club.”

As we mentioned above, Trophy Club is a two-level, 7,000 square foot gym and triathlon training center. I’m still trying to understand the appeal of triathlon training (is that better than personal trainers?) but it certainly sounds cool. Other features of the Trophy Club are the 50-foot infinity pool, poolside cabanas, grass walls, steam room and sauna with spa-showers and rain heads. Obviously you’ll find world class equipment in terms of treadmills, cycles, free-weights, etc.

The Laurel Club is a two-level space which has specific appeal to residents of all ages. For the youngest residents, there is a toddler’s craft clubhouse. For teenagers and young adults, you’ll find an arcade with video games along with a game-room with foosball and a custom pool table. All residents will enjoy the private screening room, private dining/conference room, and an atrium lounge with plasma television, sound system, and book and film library.

The building’s full-time services include the doorman and concierge staff, on-site parking, the resident building manager, bicycle/storage space, and additional private storage space available for a fee.

Access to the Trophy and Laurel clubs comes at no additional fee to the buyer.

Location

67th Street and 1st Avenue isn’t a particularly important section of the Upper East Side. It’s north of Sutton Place, and south of Yorkville. Technically it’s part of Lenox Hill, but not the prime section which is generally defined as between 60th and 72nd, between 5th and Lexington.

The building is just to the north of St. John Nepomucene Roman Catholic Church. It’s also across the avenue from St. Catherine’s Park, a decent-sized park that occupies about half of the block between 66th and 67th Streets between First and Second Avenues. The church is beautiful–erected in 1925 and designed by John Van Pelt. The church was mentioned in the book: “The A.I.A. Guide to New York City.” It was mentioned as “A wonderfully romantic paen to the Romanesque style for a Slavic…congregation.”

First and Second Avenues have plenty of restaurants and shopping options. You’re a short walk from parks, various churches and synagogues, and the East River.

St. Catherine’s Park

Investment Potential

I’m a bit skeptical about the asking prices at the Laurel. Why couldn’t a potential buyer look at buildings with fewer amenities and join a beautiful fitness club such as the Sports Club LA? That would run you about $249/month and has every possible amenity.

I do think the artist rendering’s of the façade are beautiful and this section of the upper east has become increasingly more appealing. That being said, this isn’t my favorite building choice in the area. I don’t quite understand the fitness-centric amenity list–it reminds me of the spa-centric “Miraval Living” found a few blocks up. These are specific amenities with a specific appeal.

What’s interesting is that Corcoran/Sunshine is developing and marketing this building. Considering their expertise at this game, I can understand why the prices are where they are. They may as well utilize the talented brokerage task force and try to unload the units before offering any purchase incentives.

I will visit the sales center to see if I’m missing something here. At a glance, I would check in with Cielo, the Lucida, the Brompton, 1200 Fifth Avenue, and 170 East End Avenue before making your purchase.

This entry was posted on Wednesday, August 22nd, 2007 at 1:03 pm and is filed under Blogroll, The Laurel Condominiums - 400 East 67th Street. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.