Elad Group is the developer behind two new luxury condominiums — one in Boca Raton and the other on Manhattan’s Upper East Side. As Orly Daniell, preside of Elad Group tells Behind The Hedges, they are seeing some interesting overlap with the buyers.
THE 74, being developed by the New York City-based Elad Group directly, and ALINA, developed by El-Ad National Properties, an Elad Group company with a South Florida-based team, are both contemporary projects that seem to have an appeal with the new kids in town.
“Whether in Manhattan or Boca, the new generation of luxury condominium buyers are looking for a modern home that reflects their modern lifestyle,” Daniell tells Hedges.
“They are prioritizing high-end design, they want the perfect mix of leisure and wellness amenities, and quick access to a thriving business distinct with unique shopping, dining and culture all right at their fingertips,” she continues. “They want privacy but also sense of community. They want their home to be brand new and to know they’re buying into the next ‘it building.'”
Condos in both developments are simultaneously selling. On the Upper East Side, buyers are wealthy millennials who are trading up from cooler, trendier enclaves like Williamsburg, Brooklyn and Chelsea downtown. In Boca Raton, it’s the newcomers to Florida who are relocating from New York neighborhoods like the Upper East Side.
THE 74, a 42-unit building located at 201 East 74th Street, has architecture by Pelli Clarke & Partners and interiors from Rafael de Cárdenas. The building’s pleated facade provides a modern look, “while textured with the quality of New York’s treasured Art Deco landmarks,” a press release on the building notes. “The tower architecture features white terracotta, with bronze aluminum-framed windows, to form artful geometry with dynamic coloration that catches sunlight for a shimmering effect on the skyline,” the description continues.
With 32 stories, many of the condos offer full-floor layouts (no floor has more than three units)and Central Park views. Two- to five bedrooms are available, along with a duplex penthouse with substantial outdoor space, and a townhome that enjoys the building’s luxury amenities and services.
Unparalleled amenities include light-filled spaces for relaxing or entertaining, a library lounge with a wet bar and a private garden, a space with catering facilities and video conferencing capabilities, a fitness center and pilates studio, and a children’s playroom.
Douglas Elliman Development Marketing is handling the sales. Prices for current availability range from around $3.4 million for a two-bedroom to just under $10 million for a full-floor five-bedroom with Central Park views. Pricing for the penthouse and townhouse are available upon request.
“Oftentimes, when you’re purchasing a new development, there’s a long wait between contract and closing. Our homes at ALINA are move-in ready and that has proved quite compelling,” Daniell explains. “Buyers fall in love and want to get settled as soon as possible. We’re also seeing that at THE 74, where buyers appreciate our quick timeline and are excited to move in early next year.”
In downtown Boca Raton, the second phase of the ALINA Residences are close to 80% sold as the project nears completion. ALINA 210 and ALINA 220 are in the final stages of construction with $65 million in sales in the first quarter of 2024 alone.
ALINA 200, which included 121 residences, was completed in the first phase, was sold out and already occupied. In total, between the three buildings, there are 303 units.
The two nine-story buildings include a variety of floor plans, ranging from one to four bedrooms and 1,400 to more than 5,400 square feet. Some feature dens and private terraces that overlook the iconic Boca Raton golf course.
The units start at approximately $2 million.
ALINA 210, where amenities are exclusive to the 30-unit residents, will see some moving in ahead of schedule this summer, while ALINA 220, which offers 152 residences, is expected to be delivered in late 2024.
All ALINA residents will enjoy the rooftop lap pool with private cabanas and ocean views at ALINA 220. Other amenities include state-of-the-art fitness centers, a studio with a professional-level golf and sports simulator, fire pits, dedicated yoga areas, club rooms, a dog park and more.
The Manhattan to South Florida dynamic has evolved over the last 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. But the past few years of luxury real estate activity have shown us that’s not really the case,” Daniell notes. “New York ex-pats are still keeping a foothold in the city and are buying pied-a-terres. Floridians are investing in Manhattan condos. More people are splitting their time between New York and Florida and they’re doing so with ease.”
One thing is for sure, she says. “The synergy between Manhattan and South Florida is electric, with both regions feeding off each other’s best attributes. We’re seeing buyers move North and South and a growing audience of pied-a-terre buyers capitalizing on the best of both worlds.”
