Feature: Bigger & Better
November 1, 2004
Developers and builders are also receiving more requests to renovate historic properties. For example, I. Grace Co. is restoring a historic landmark building on Manhattan’s Fifth Avenue–a 27,000-square-foot neo-Georgian designed in 1915 by architects Delano & Aldrich for the Whitney family (of Whitney Museum fame). The home later became a museum when it was purchased by the International Center of Photography in the 1950s. “We’ll be seeing more reclaimed institutional buildings used for private residences,” Cohen predicts.
Faced with shrinking inventories of prime real estate, developers continue to come up with creative solutions. Besides building down or towering up, they are morphing old factories and abandoned buildings into chic settings for a luxury lifestyle.
While golfing at Carnegie Abbey, a private sport club, J. Brian O’Neill,
chairman of O’Neill Properties, noticed an abandoned factory fronting
Narragansett Bay near Newport, R.I. Now the developer, who specializes in
transforming dilapidated buildings into desirable luxury residences and offices,
is turning the concrete-and-steel building into a gated, 15-acre development
with a waterfront condo tower and 21 cottages. Since the development is on
Carnegie Abbey property, residents can use the club’s amenities.; function voidFunc() { } voidFunc();)
Built by J.D. Group, this 24,000-square-foot estate features stone
imported from Tunisia and fireplaces from Europe. (Click image to
enlarge)
“This is the only oceanfront residential tower on a golf course from
Washington to Maine,” O’Neill points out, adding that the 7,500-square-foot
penthouse is relatively small for its $8 million price tag. The reason for that,
he says, is that local zoning would never allow a larger tower to be built on
the ocean. But by renovating an existing 17-story building, O’Neill’s tower
stands taller than any new oceanfront construction, which local zoning limits to
three stories.
“We will go as high as the cities will allow,” says Jerry Starkey of WCI Communities. The 50-year-old development hired I. Grace Co. and architect Sam Trimble to build a warm, relaxing, uncomplicated home where he could disconnect from Manhattan’s hustle and bustle. The one-bedroom retreat, converted from a raw TriBeCa penthouse duplex, is a stylish minimalist space devoid of clutter–exactly what the client wanted.
I. Grace Co. is also constructing a 27,000-square-foot home in Utah with a striking, customized entrance that reflects the owner’s specific needs: his passion for collecting wine. Floor-to-ceiling windows on both sides of the entry doors afford guests a peek into his elaborate wine room and cellar.; function voidFunc() { } voidFunc();)
O’Neill Properties Group builds luxury East Coast condos. The
Corinthian in Pennsylvania. (Click image to enlarge)On one level, some homeowners may think about resale when constructing their customized retreats, Cohen says. “They also recognize, particularly in the high-end market in New York, that most people are going to come in and completely redo the places anyway, regardless of what was there. One thing is for sure–no one is going to wear another person’s old suit.”
; function voidFunc() { } voidFunc();)
Carnegie Abbey in Rhode Island built by O’Neill Properties Group. (Click image to enlarge)BUILDER BUILD-UP
Crescent Resources 866.800.1429, www.crescentresources.com
I. Gracee Co. 212.987.1900, www.igrace.com
J.D. Group Inc. 310.575.5551
O'Neill Properties Group 610.337.5560, www.oneillproperties.com, www.carnegienewport.com
Sweeney+Conroy Inc. 212.995.5099
WCI Communities 800.924.2290, www.wcicommunities.com
advertisement
