Elad Group is the developer of two new luxury condominiums in Boca Raton and Manhattan’s Upper East Side. Orly Daniell, president of Elad Group, told Behind The Hedges that they see some interesting overlap with the buyers.
THE 74, which is being developed directly by New York City-based Elad Group, and ALINA, which is being developed by El-Ad National Properties, an Elad Group company with a team based in South Florida, are both contemporary projects. It seems that it has the following charms. New kids in town.
“Whether in Manhattan or Boca, the new generation of luxury condo buyers are looking for modern homes that reflect modern lifestyles,” Daniel tells Hedges.
“They prioritize high-end design and want quick access to a unique, thriving business with the perfect combination of leisure and wellness amenities, and unique shopping, dining, and culture all at their fingertips. “I am,” she continues. “They want privacy, but also a sense of community. They want their home to be brand new and they want to buy the next ‘IT building.’ ”
Condos in both developments are for sale at the same time. Buyers on the Upper East Side are wealthy millennials trading in from cooler, trendier enclaves like Williamsburg, Brooklyn, and downtown Chelsea. Boca Raton is home to newcomers who have immigrated to Florida from New York areas such as the Upper East Side.
THE 74 is a 42-unit building located at 201 East 74th Street with architecture by Pelli Clark & Partners and interiors by Rafael de Cárdenas. The building’s pleated façade provides a modern look “while retaining the texture of New York’s treasured Art Deco landmarks,” a press release about the building’s notes states. “The tower architecture features white terracotta and bronze aluminum-framed windows that create an artistic geometric pattern with a dynamic color palette that catches sunlight and creates a shimmering effect on the skyline. ” the explanation continues.
Many of the 32-story condominiums have full-floor layouts (no floors have more than three units) and views of Central Park. In addition to two to five bedrooms, we also offer duplex penthouses with plenty of outdoor space and townhomes that offer the luxury of the building’s amenities and services.
Unparalleled amenities include light-filled spaces to relax and entertain, a library lounge with wet bar and private garden, space with catering facilities and video conferencing capabilities, a fitness center and Pilates studio, and a children’s lounge. There is also a playroom for children.
Sales will be handled by Douglas Elliman Development Marketing. Prices for current availability range from about $3.4 million for a two-bedroom to just under $10 million for a full-floor five-bedroom with views of Central Park. Penthouse and townhouse prices are available upon request.
“When purchasing property in a new development, it often takes a long time from contract to closing. Our homes at ALINA are move-in ready, which makes them very compelling It’s been proven,” explains Daniel. “Buyers fall in love and want to close as soon as possible. We see that with THE 74, with buyers appreciating our fast schedule and excited to move in early next year.”
In downtown Boca Raton, the second phase of ALINA Residences is nearing project completion and nearly 80% sold. ALINA 210 and ALINA 220 are in the final stages of construction and are expected to generate $65 million in sales in the first quarter of 2024 alone.
The first phase of ALINA 200, which includes 121 homes, has been completed, sold out and already occupied. There are a total of 303 units in the three buildings.
The two nine-story buildings offer a variety of floor plans from one to four bedrooms and from 1,400 square feet to more than 5,400 square feet. Some rooms include a study or private terrace overlooking the iconic Boca Raton Golf Course.
Prices start at approximately $2 million.
ALINA 210, with its 30 residential units and amenities, is moving in ahead of schedule this summer, while ALINA 220, offering 152 units, is scheduled for handover in late 2024.
All ALINA 220 residents enjoy private cabanas and a rooftop lap pool with ocean views. Other amenities include a state-of-the-art fitness center, a studio with professional-level golf and sports simulators, a fire pit, and a dedicated yoga area. , club room, dog run, etc.
The movement from Manhattan to South Florida has evolved over the past few years since the end of the COVID-19 pandemic.
“During the pandemic, there was a lot of talk about New Yorkers moving to Florida and never looking back. However, luxury real estate activity over the past few years shows that this is not actually the case,” Daniel said. Point out. “Expats from New York are still keeping a foothold in the city and buying pied-a-terre. Floridians are investing in Manhattan condos. They’re splitting their time between New York and Florida. More and more people are doing it easily.”
One thing is for sure, she says. “The synergy between Manhattan and South Florida is incredible, with both regions taking advantage of each other’s best attributes. We are seeing a growing audience of buyers.”
