Ritz-Carlton condos surpass 100 closings for phase 1

By Amelia Camurati, The Island Now

RXR Realty Senior Vice President Joe Graziose said he has closed on 107 condominiums at North Hill’s Ritz-Carlton Residences since its opening last April.

Of the 124 units in phase 1, six remain unsold and 11 are in the closing process.

Graziose said the average condominium cost is $2.1 million, ranging from $1.2 million to $5.3 million in phase 1. The lowest price point is slightly higher in phase 2 at $1.5 million.

“When we originally designed phase 1, I didn’t want to lose the under $2 million buyer, so we constructed the units to be from 1,533 square feet up to 2,100 square feet,” Graziose said. “What happened in phase 1 is people wanted bigger, so 16 times I had to take two 1,700-square-feet units and put them together. The largest on the property is around 3,800 square feet, and that’s going to carry the largest price tag, typically 3 bedrooms, 3-and-a-half baths, a large living space, et cetera.”

The top priority, Graziose said, is customer service.

The many amenities, including 24-hour concierge service, porters, doormen, valet attendants and a private car service, made the property popular with people looking to downsize their home. The 25,000-square-foot clubhouse at the center of the property has a game room, fitness center, movie theater, indoor and outdoor pools, golf simulator, multiple banquet spaces, giving residents the entertaining space without the clean-up, and the five surrounding residential buildings also each have a game room and fitness center.

“In those first 30 sales, pre-construction, the buyer was the epitome of what I thought they would be, the empty nester,” Graziose said. “They wanted to keep a stamp on Long Island, but they didn’t want a big house. And then, to somewhat of a surprise to me, I started seeing people with school-age children, and they were attracted by the opportunity to not deal with a house, but they were attracted to the Great Neck South school district.”

Graziose said he surveys all residents once the contract process is complete, and the majority of buyers have three reasons for interest in the 18-acre property: the brand, the location and down-sizing.

Though Graziose said many people expected the proximity to the Long Island Expressway and Northern State Parkway to be a deterrent, residents enjoy the convenience of being nestled between the two highways.

“One of the things people worried about was noise pollution, and I pride myself on our construction and the choices with our windows and exterior façade,” Graziose said. “We made sure this product is superior to anything you’d find on Long Island. Our average price per square foot here is $1,100 in phase 1 and $1,300 in phase 2, and that has never, ever, ever been done on Long Island. The results of 107 closings must say something to that. They’re coming, they’re here and they love it.”


Published: July 5, 2017
Filed Under: Leasing

The RXR operating platform manages 73 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.9 billion, comprising approximately 23.4 million square feet of commercial operating properties and control of development rights for approximately 6,300 multi-family and for sale units in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.