Busy Summer Leaves Long Island Oceanfront Condo Property Nearly 60 Percent Sold
- Sep 28, 2010
Long Beach, N.Y.–The summer proved to be a fruitful period at Aqua, an upscale 36-unit condominium property along the ocean in Long Beach, N.Y., about 25 miles southeast of Manhattan. The Engel Burman Group, developer of the Long Island-area multifamily asset, has sold over 20 residences–including two model homes–and expects the flurry of activity to continue through the fall.
Engel Burman spent approximately $30 to $35 million to erect Aqua. With an address of 403 East Boardwalk, the eight-story structure sits in a coveted location and holds the distinction of being the only resort-style condominium building in the area. “It is one of a kind; there’s nothing else like our property in Long Beach or on Long Island,” Jan Burman, president of Engel Burman, tells MHN. “It is high-end and very exclusive.”
Residential offerings consist of two- and three-bedroom units, as well as six penthouses, with layouts ranging from 1,700 square feet to 2,400 square feet. And the price tags reflect the prestige of the property; homes are being marketed for $1 million to $3.2 million. Most of the sold units have fetched an average $2 million. Burman is luring buyers to Aqua with such luxury offerings as an indoor pool and cabana service, an oceanfront clubroom with a terrace and a Zen garden featuring a putting green and an outdoor children’s play space.
The numerous buyer commitments at Aqua over the last few months mark a stark change from when it initially opened its doors. “We first began marketing last spring,” Burman says. “It was a difficult time to put a high-end condominium like Aqua on the market, because the people who buy second, third and fourth homes wanted to see what would happen with real estate values. But now they are finally coming back.” One new tenant was so pleased with his purchase that he decided to buy the adjacent residence to accommodate visitors, he notes.
The days of summer can be a bit deceiving. Residential sales frequently pick up during that period, but Burman is confident that the trend will persist at the condominium development, particularly with new price incentives in place for various units. “Aqua had tremendous activity and it will continue to have tremendous activity. We expect to be sold-out within the next 12 months.”