NEW YORK, NY – Extell Development Company announced another sales achievement for its record-selling condominium tower, ONE57. In the last six months, the landmark building – with the most expensive condominium sale in New York City history – achieved over $169 million in sales, including the last full floor residence and eight residences from the recently unveiled One Collection.

“ONE57 set the bar for luxury living in Manhattan and is the first completed super-tall on 57th Street.  All remaining residences are available for immediate occupancy,” said Anna Zarro, Senior Vice President of Residential Sales for Extell Marketing Group. “It is the only building on 57th Street that offers hotel services and it continues to attract buyers seeking a one-of-a-kind luxury living experience.”

The 12 sales total over 34,600 square feet within the 90-tale tower. Details of the sales include: eight residences from the One Collection, including five two-bedroom residences, two three-bedroom and a one-bedroom residence with a home office. The residences from the One Collection are available as turnkey and fully furnished. Also sold were four of the tower residences, including the last full floor residence, two half-floor residences and a three-bedroom. The residences were sold to both domestic and international buyers interested in the building for its location, soaring Central Park and Manhattan skyline views, unparalleled amenities and luxury services from the five-star Park Hyatt New York hotel.

Envisioned by a team of world-class talent, ONE57 is an architectural masterpiece, located at 157 West 57th Street in the heart of the famed Plaza District and across from historic Carnegie Hall, the 1,004-foot tower was designed by Christian de Portzamparc with interiors by New York-based Danish designer Thomas Juul-Hansen. 

Poised above the award-winning Park Hyatt New York hotel, all ONE57 residents have full access to the Park Hyatt’s five-star amenities and hotel services. Additional residential amenities include a 24-hour doorman and concierge, screening and performance space, on-site parking, triple-height indoor swimming pool and custom Jacuzzi, library, dining room, catering kitchen, and private fitness center. The Park Hyatt New York is the North American flagship for the Park Hyatt brand, offering 210 guestrooms and Park Hyatt’s uniquely personalized service. The Park Hyatt was recently named the top hotel in New York City by U.S. News and World Report.

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HOUSTON, TX – The Carter, one of Houston’s newest luxury living communities, is holding a ribbon cutting ceremony, alongside the Greater Houston Partnership and the Montrose District. With residences on floors 1-18 available for immediate go in and penthouses coming soon, StreetLights Residential celebrates the grand opening of the 20-tale tower located at 4 Chelsea Blvd.

The Carter is designed for those who desire a lifestyle of refined comfort in the center of Houston’s Museum District. The community offers simple access to local restaurants, retail shops and several museums including The Museum of Fine Arts, Houston. Full of architectural details, refined finishes and five-star amenities, The Carter is only a small distance from Hermann Park, Midtown, Downtown, the Texas Medical Center and Rice University. 

“Our design-driven philosophy led us to make a traditional and sophisticated environment for The Carter with a modern attitude, taking inspiration from the Montrose neighborhood and surrounding areas of the Museum District,” said StreetLights CEO Doug Chesnut. “Our intent was to construct a building that interacts with the community and the street. We are pleased with the final product and believe that our residents will appreciate the amenities and lifestyle The Carter has to offer.”

The Carter’s 305 residences include a variety of one-, two- and three-bedroom apartment homes, along with four townhomes and five penthouses. Residences range in size from 723 square feet for a one-bedroom to 3,329 square feet for the largest penthouse. Each spacious floor plot comes complete with 10-foot ceilings, granite countertops and backsplashes, custom cabinetry, hardwood flooring, gourmet prep islands and stainless steel appliances.

The community, which is managed by Lincoln Property Company, offers boutique hotel amenities including an exquisitely designed resident bar, fire place seating overlooking the pool courtyard, 24-hour concierge service and an expansive fitness center. The second level offers a conference center and pet washing room with blow dryers. The Carter also provides valet service, a pet park, private garages and private storage units. Additionally, residents can take advantage of the 19th level penthouse lounge which includes a billiards room, card table and an entertainment area.

The architecture was designed by GDA Architects and the landscape was designed by Lynda Tycher & Associates. Interior design was a collaboration of StreetLights Residential and 5G Studio and SLR Texas Construction served as the general contractor.

StreetLights Residential specializes in new urbanist apartment homes and mixed-use developments. StreetLights has numerous urban infill projects throughout the country with more than 9,400 multifamily units completed, in progress or projected in 11 cities across six states.

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MIAMI, FL – Belay Investment Group bought a 49% interest in five multi-family communities assembled by Eagle Property Capital Investments and simultaneously, entered into a programmatic joint venture (Belay-EPC PJV) to buy and reposition up to $269 million of multifamily properties, primarily in select, high density submarkets in Florida and Texas.

Belay-EPC PJV will target Class B & C properties of 150+ units with clear path to value creation, through repositioning strategies including both capital and operational improvements, and optionality around an institutional exit. The niche strategy positions apartment communities to capitalize on the need for quality workforce housing in high growth markets, catering to middle income renters and capturing the significant growth of the middle income segment of the Hispanic population, the fastest growing demographic in the U.S. Hispanic households have a high propensity to rent and are projected to account for more than half of the growth in renter households through 2023.

EPC, headed by co-founders Gerardo Mahuad and Rodrigo Conesa, is the sponsor of EPC Multi-family Partners III (EPC Fund III), which holds a 51% interest in the bought portfolio and will co-invest alongside the Belay-EPC PJV for future acquisitions.

Vidalta Property Management, wholly owned by the EPC and its senior management team, will manage the properties and do the value-enhancement strategies.

Belay’s investment in Belay-EPC PJV comes from Belay Partnership Ventures II, which is anchored by a $200 million commitment from a U.S. public pension fund and is targeting $500 million of equity. For over 10 years, the management team has pursued value-added real estate strategies in major U.S. markets through collaborative investment programs designed to ensure unique access to compelling investment opportunities while identifying, and supporting the growth and evolution of, high caliber operating partners.

“We are very excited about our venture with EPC to pursue a strategy that so clearly capitalizes on one of the strongest demographic trends in the U.S., the growth of the Hispanic middle class,” said Barry Chase, Managing Principal of Belay. “EPC’s tremendous success driving value across their portfolio is a testament to Gerardo and Rodrigo’s commitment to their cultural heritage and recognition that when families take pride in their community, they respond accordingly and recruit their friends and extended family as neighbors,” added Suzanne West, also a Managing Principal of Belay.

“Our partnership with Belay marks a significant point in the evolution of our firm. It will uniquely position EPC as a leader in our business segment. We will draw on Belay’s industry-leading expertise and best business practices to enhance and strengthen our investment management platform,” said Gerardo Mahuad, Managing Principal of EPC. “We are delighted to have partnered with Belay and to benefit from Belay’s superior industry knowledge and business insight. Their collaboration in our venture will prove essential in the execution of our business plot,” added Rodrigo Conesa, Managing Principal of EPC.

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