Latest news with #luxurycondos
New York Times
16-07-2025
- Business
- New York Times
West Palm Beach Moves Upmarket
West Palm Beach is emerging from the shadow of its affluent world-famous neighbor, Palm Beach, with new luxury condo and office towers as well as a billionaire developer aiming to transform it into the Wall Street of the South. In Palm Beach today, President Donald Trump occupies his Mar-a-Lago compound as the rich and famous continue to snap up multi-million-dollar mansions. But since the Covid-19 pandemic, West Palm Beach, too, has attracted wealthy newcomers and big-name financial firms, as well as world-class art, entertainment, and shopping. Florida Alba Palm Beach WEST PALM BEACH STATION West Palm Beach CityPlace Olara 704 The Bristol Palm Beach pb Boys Club Forté on Flagler Detail area South Flagler House The Park 4 mileS TRI-RAIL LINE 1/2 mile EL CID West Palm Beach 98 Palm Beach 95 SOUTHLAND PARK Atlantic Ocean Lake Worth Lagoon FLORIDA West Palm Beach Mar-a-Lago 1 Miami By The New York Times Location: Palm Beach County, 70 miles north of Miami and 45 miles north of Fort Lauderdale Population: 127,744 (2024 U.S. Census Bureau estimate) Area: 54 square miles Housing: 50 percent homeownership rate The vibe: A palm tree-lined, sun-drenched, laid-back city with a few high-rises and world-class amenities. Henry Flagler, the oil magnate, founded Palm Beach during the Gilded Age, building an oceanfront resort on a barrier island. West Palm Beach, on the mainland, housed the workers who serviced the wealthy.'For decades, if you lived in West Palm Beach, people would say 'Oh my God, you're across the bridge',' said Robert Kemp, a real estate broker with Douglas Elliman who's worked and lived in West Palm Beach for over 30 years. 'Then, West Palm became almost like a part of Palm Beach.' What's great about where you live? Tell us about life in your city, town or neighborhood and why you chose it as home. Want all of The Times? Subscribe.
New York Times
16-07-2025
- Business
- New York Times
Condo Conversion in Former Brooklyn Church Offers ‘Piece of History'
A former church in Fort Greene, Brooklyn, has had its pews turned into staircases and bell tower to a kitchen, undergoing a refresh into luxury condos. Now known as the Abbey, the building, at 232 Adelphi Street, started sales this week for 12 condos, ranging from studios to three-bedrooms. Sales are being handled by the Jessica Peters Team at Douglas Elliman, with studios starting at $1.195 million and three-bedrooms starting at $3.85 million. 'You're buying art,' said Ms. Peters, who also oversaw the renovation's interior design with Rita van Straten. 'You're buying a piece of history that was updated.' Completed in 1888 in the gothic revival style, the church, which is in a designated historic district by the city's Landmarks Preservation Commission, was formerly known as St. Mark's Protestant Episcopal. The building was converted to rentals in 2016 after having fallen into disrepair. Adapting a church 'is always a negotiation of trying to preserve all the things that are extraordinary about it, but then finding a way to utilize this residential use,' said Brian Ripel, a principal with Combined Architecture and Interiors, the firm that oversaw the building's initial conversion. Want all of The Times? Subscribe.
Daily Mail
24-06-2025
- Business
- Daily Mail
Families of Surfside victims furious over luxury condo plans
The furious families of the Surfside victims have torn into plans for an ultra-luxury condo tower on the site of the collapsed complex. Ninety-eight people were killed when Champlain Towers South crumbled on the night of June 24, 2021, in Miami, Florida , sending shockwaves across the world. But new plans for a $15million-per-unit apartment block just four years later has sparked rage from loved ones still getting over the tragedy. Families say they have been ignored and shut out of plans for The Delmore, an ultra-luxury high-rise being constructed on Collins Avenue. Dubai-based developer Damac Properties is moving ahead with the mammoth project after purchasing the land for $120million less than one year after the collapse. They are marketing it as part of Miami's 'Billionaires Triangle', and buyers will have a sky pool, Michelin-star dining and over 55,000 sq ft of spa and garden space. What $15M will buy you at The Delmore Designed by world-renowned Zaha Hadid Architects, The Delmore will feature a futuristic twin-tower design with sculptural sand-colored concrete wrapping around floor-to-ceiling glass walls. The towers are split by a dramatic 'flow-through canyon' - and bridged at the top by a 75ft suspended pool, floating 125ft above Collins Avenue. Each of the 37 units will span at least 7,000 s1 ft, with penthouses topping 10,000 sq ft. All residences will be fully furnished, with four and five-bedroom layouts, private elevators, and sweeping views of the Atlantic Ocean. Despite the glitz, Langesfeld says the project's foundation is built on 'pain and profit'. 'There's an ongoing federal investigation,' he said. 'And they still can't say whether this land is even safe. 'I've asked NIST (National Institute of Standards and Technology) point blank. They refuse to confirm it. And yet they're building anyway.' What really caused the Surfside collapse? Federal investigators say they're closing in on what triggered the horror collapse at Champlain Towers South - and all signs point to major structural weaknesses lurking beneath the pool deck. In their latest update on Monday ahead of the fourth anniversary today, the NIST revealed three key failure points that may have set off the chain reaction that killed 98 people in Surfside, Florida. The top suspect is a vertical support beam directly under the pool deck. Investigators believe the concrete slab sitting on top may have suddenly 'punched through' - dropping like a trapdoor and triggering the building's eastern wing to fall like dominoes. Another likely weak spot was where the pool deck connected to a concrete wall, according to NIST. If that joint gave way, it could've caused the slab to buckle and compromise the structure around it. A similar flaw may have existed near the southern edge of the deck - and if that section also pulled away, it might have sparked the same catastrophic collapse, NIST states. According to the report, all, all three areas were decades old, possibly water-damaged, and no longer met modern building standards. NIST says further testing is still underway - but these structural flaws are now the leading suspects in one of the deadliest building failures in U.S. history. Market crash and 'mass exodus' in wake of collapse Compass real estate agent Nick Green, who works in both New York and Miami, says the Surfside tragedy has had a lasting and devastating impact on the Miami condo market - especially in Brickell and other high-rise neighborhoods . 'The current state of the condo market in Miami – it's completely crashed,' Green told Daily Mail. 'About 40 percent of Brickell is for sale right now. Clients who bought a place for a million dollars two years ago are now looking at $800,000, maybe $850,000. You're seeing buildings with 40 units for sale in them. It's pretty bad times.' Green said the aftermath of the collapse triggered sweeping changes to insurance and structural safety laws - changes that have disproportionately impacted older and mid-tier buildings. 'Insurance is higher, the laws changed. Now you have to fund two years of capital for the building upfront,' he explained. 'The super luxe buildings can afford that, but older ones are really getting hit. Some can't even get loans.' He described a 'total mass exodus' from older towers, adding: 'Developers are circling like sharks trying to get things cheap. But the actual owners just want out. There's so much leverage as a buyer right now.' Buyers are increasingly flocking to new construction to avoid structural uncertainty. 'They don't want to deal with assessments or worry about the building's bones,' Green said. 'They want something fresh and solid.' When it comes to The Delmore, Green said many of his clients won't go near the site. 'Foreign buyers still see it as a good investment. But locals? They won't touch it. They think it's going to be full of ghosts.' Despite working in luxury real estate, Green said he personally believes the site should have been preserved as a tribute. 'Honestly, I wish they had done more to memorialize the victims,' he said. 'Even as a realtor, I'd have rather seen a memorial park than another high-rise. Something like what New York did with the 9/11 memorial.' But for Langesfeld and other grieving families they will attend a remembrance even in Surfside today. 'We still don't have justice. We still don't have answers. And now, we don't even have a memorial,' he said. Pictured: Real estate agent Nick Green. 'If this building collapses again, who will be held accountable?' he asked. 'Because no one was the first time.' When Champlain Towers South collapsed four years ago rescue crews worked for nearly a month to recover and identify the 98 victims. It remains one of the deadliest structural failures in U.S. history. In Monday's release The NIST said the team is finalizing its analysis and has begun drafting its investigation report, which is expected to be completed in 2026. Daily Mail has gone to Damac properties multiple times for comment by phone and email since Friday and is awaiting their response.
Bloomberg
18-06-2025
- Business
- Bloomberg
NYC Developer Silverstein Bets on Rising Wealth of Seattle's Neighbor
New York developer Larry Silverstein, best known for his World Trade Center skyscrapers, is going all-in on the Pacific Northwest, taking full ownership of a project surrounded by some of the wealthiest US ZIP codes and the world's biggest companies. Avenue in Bellevue, Washington, has two luxury condo towers, where roughly 40% of the units have sold at an average price that has far outpaced other new buildings nearby. A $9 million penthouse purchase set a state record for the highest condo price per square foot. Silverstein's firm assumed control of the development last year, shortly after the InterContinental Hotel on the site opened.
Daily Mail
17-05-2025
- Business
- Daily Mail
Residents pursue legal action in New York luxury building
Ultra-wealthy New York City condo owners are suing their building's developer and its contractors for allegedly ignoring major structural issues at their luxury skyscraper. Residents at 432 Park Avenue have long complained about alleged faulty elevators, leaking plumbing and noise issues, filing an initial suit against developers in 2021. But while pouring over documents for that suit, the condo board said they found more evidence of wrongdoing. They now claim that CIM Group and other developers at the 1,400-foot tall luxury tower on Manhattan's Billionaire's Row committed 'deliberate and far-reaching fraud' by failing to disclose early cracks in the façade that could cause structural issues, the New York Times reports. The developers also allegedly ignored repeated warnings and failed tests that showed the building may not be structurally sound because they worried too much about their bottom line, according to the lawsuit filed late last month in New York State Supreme Court in Manhattan. Nearly 1,900 defects have emerged in the façade of the building ever since - including an alleged 10-inch deep crack in the building's core, the condo owners claim, according to CNN. They even included photos showing vein-like cracks of concrete missing from the façade in their filing. 'This matter extends beyond negligence, into an alleged calculated scheme,' said Terrence Oved, a lawyer for the condo board. It is seeking $165 million in damages, including the 'diminution in value of the building and its value of the building and its units' as some of its super wealthy residents who were eager to get into the new super-skinny high rise when it opened in 2015 flee the building. The lavish skyscraper made waves in the Big Apple real estate world when it first opened sales in 2013, and for a short time it was the tallest residential building in the Western Hemisphere. It attracted a number of famous faces and moguls looking to live in the status symbol, including singer Jennifer Lopez and Saudi retail and real-estate magnate Fawaz Al Hokair, who bought the penthouse in 2016 for $87.66 million. But residents reportedly complained of a number of issues after moving in, including rumors that high-altitude apartments would sway and creak over the city below. One potential buyer, billionaire tequila mogul Juan Beckmann Vidal, also claimed that when he was in contract for a $46.25 million apartment on the 86th floor in 2016 there was a 'catastrophic water flood' caused major damage to units on the 83rd, 84th, 85th, and 86th floors. The condo owners now claim that the problems with the building originated with the plans, which called for a naturally white concrete façade. The mixture would have to be strong enough to withstand all of the floors pressing down on one another and strong enough to hold up against strong winds during major storms. According to the suit, Andreas Tselebidis - who designed the concrete mix - said it was 'the greatest challenge ever requested by a ready-mix producer.' Despite his efforts, cracks emerged in all of the vertical columns in every mock up test over the course of six months, it claims. As the issues persisted, star architect Rafael Vinoly raised concerns about the cracks. 'It is difficult to know the impact of cracking in a fully-loaded building,' his firm wrote in a field report on December 17, 2012. 'It is imperative that the concrete consultant review these conditions and advise.' The next day, the lawsuit claims, Silvian Marcus, of WSP - the building's structural engineer, which is also one of the defendants in the suit - also expressed her own concerns. She allegedly wrote to developers to 'hold the pour' until they had a 'valid' concrete mix. Yet, the lawsuit says, the developers plowed forward with 'complete disregard for... the inevitable problems it would cause for the building and its future residents.' Almost immediately afterward, the condo owners claim, cracks started to emerge. The lawsuit also claims that the concrete supplier was 'still experimenting with design mixes' three months after the start of the facade's construction. Contractors reportedly plied the developers with some ideas about how to stop the cracking with carious coats and patching. But the suit says the developers ignored those repair ideas 'due to potential schedule, cost and aesthetic impacts.' For example, a suggestion that an opaque elastomeric covering could be applied to the façade to prevent air and water infiltration was ignored because it would 'significantly alter' the building's appearance and make it less appealing to 'the world's billionaires.' Instead, they only addressed issues with cheap or cosmetic repairs, according to the lawsuit. By April 2016, one year after the building opened for residents, one of the consultants issued a report detailing 1,893 defects - more than half it said were 'life-safety items,' the suit claims. They included 'large voids, spalls of an unknown origin, unfilled cracks, opened cracks and other serious deficiencies.' The damage even corroded some of the steel in the tower's reinforced concrete columns, the suit claims. It goes onto claim that members of the development team falsely misrepresented the 'nature, extent and type of cracking' to New York City's Department of Buildings. Under New York City law, architects and engineers are responsible for notifying the Buildings Department of any 'immediately hazardous conditions' at properties where they are working. But the department has never been notified of any conditions at 432 Park Avenue, a spokesperson for the department told the New York Times. Additionally, the suit claims that disclosures used in information for potential buyers and filed with the state Attorney General's office was revised in 2013. Wording that had said the density of the concrete 'will prevent water penetration' was changed to say the concrete and properly sealed windows 'have been designed to prevent water penetration. The developers, though, have denied the claims. A spokeswoman for CIM Group, for example, told the Times it 'vehemently' denies the claim and is planning to move to dismiss the case. A lawyer for SLCE Architects also denied the allegations and said it, too, plans to dismiss the complaint.
