TITAN Property Gold Winner

2021

201 East 26th Street

Entrant Company

Hundred Stories PR

Category

Property Development - Redevelopment & Renovation

Client's Name

Cypress Capital Group

Country / Region

United States

New York City has nary an inch of unoccupied land to build upon, which is why it is jam-packed with high-rise buildings and towering skyscrapers jutting into the sky. Broadly, real estate developers hold no restraint to build tall when they can (often through obtaining air rights at any cost) because - of course - more units mean more profit, and higher floor units command higher prices since there is a premium for views and light. However, the sustainably-minded investor and builder, Cypress Capital Group wants to ensure the way we sculpt New York City is done with restraint, not hubris, and adds value to communities. Located on the corner of East 26th Street and Third Avenue, the successful transformation of 201 East 26th Street is a boutique rental building with condo-like finishes that adds to the historic charm of Manhattan’s central and idyllic neighborhood of Kips Bay. CCG chose to retain the property’s original footprint while increasing its height only minimally. Despite having the air rights to build much higher, the firm prioritized developing a project that preserved the integrity and scale of the neighborhood. Originally built in the 1930s and boasting its original brick facade, the boutique property was meticulously restored and updated with state-of-the-art upgrades and finishes. Its six residential units, one of which is a penthouse duplex, all rented in record time in 6 weeks. Designed by the NYC-based Workshop DA, 201 East 26th Street has been elevated to feature condo-like finishes such as Nest thermostats, an in-unit washer/dryer, and oak flooring. Residents enjoy a Japanese Zen, garden on the roof, bike storage, virtual doorman, an electronically secure delivery room, and Dormakaba locks with keyless entry for building and residences. Perhaps most notably, the developer invested in triple pane windows imported from Europe and sound insulation by QuietRock, at great expense, to keep the hustle and bustle of Third Avenue’s noise out, as quiet is the new luxury amenity. The residential market usually sees NYC developers use windows with single-pane, not even double pane, due to the high cost and difficulty to source domestically.

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