Q&A with Robert Vecsler of Silverstein Properties
- Oct 04, 2016
New York—Boasting skyline views of the Big Apple from its vantage point as the tallest residential tower downtown, 30 Park Place offers its residents five-star amenities that rival those of most luxury hotels. In fact, the massive tower includes its own hotel among other grandiose features, like a resident-only entrance and private pool, fitness center and lounge. The 82-story, 926-feet 30 tower in Tribeca consists of a 189-key Four Seasons Hotel occupying the first 22 floors below its 157 high-end condominiums, also managed by the hospitality company.
As the hotel opened to receive its first guests and residents quickly take occupancy of the condos, Multi-Housing News caught up with Robert Vecsler, president of residential development at Silverstein Properties, the company that developed 30 Park Place.
MHN: Tell us about 30 Park Place. What is the story behind this project and what makes it so special?
Robert Vecsler: 30 Park Place is developed by Silverstein Properties and designed by the famous Robert A.M. Stern Architects. It recalls the towers of the 1920s and 30s with an intricacy of shape and a strong skyline silhouette and has elevated the downtown landscape to new heights, literally. Standing at 926-feet tall, it is downtown’s tallest condominium building. The building is special because it symbolizes that this neighborhood, and downtown in general, is back and better than ever.
Not only is it one of the most desirable places to live and raise a family, it’s also home to the best businesses, restaurants and shopping spots. Nobu is moving down here, CUT by Wolfgang Puck is here, while the shops at Westfield and the Oculus transportation hub are steps away. We’re really fulfilling Larry’s vision—transforming downtown into the world’s most vibrant, integrated, mixed-use destinations in New York City.
MHN: How do you think 30 Park Place changes the residential market in downtown New York?
Vecsler: 30 Park Place Private Residences New York Downtown offers a new paradigm in luxurious living downtown. 30 Park Place offers a lifestyle like no other condominium downtown with gracious layouts, spectacular views (the residences start on the 40th floor), a full suite of amenities and services by Four Seasons Hotels and Resorts. Residents will have access to the Four Seasons’ enviable suite of services and amenities including a spa, 75-foot pool, in-residence dining and housekeeping. The Four Seasons will also feature Wolfgang Puck’s first restaurant and bar in New York, CUT by Wolfgang Puck. Residential amenities consist of a conservatory and lounge with outdoor loggias, screening room, children’s playroom, fitness center and private dining room.
MHN: What was the biggest challenge brought on by the development of this luxury high-rise?
Vecsler: We set out to sell luxury residences in an area of downtown which used to be perceived to be somewhat commercial. We have been selling not only the residences, but the vision of what downtown was to become. And now, this vision has been realized. Downtown has gone through a major transformation, with the buzz of exciting young media and tech companies taking space in the offices, great restaurants and services popping up everywhere and now it’s among the most exciting places to live in. Our buyers, local and non-local, are the beneficiaries of this growth.
MHN: What can you tell us about demand for luxury units in Downtown New York?
Vecsler: I can speak for 30PP and say the demand has been remarkable. The Four Seasons brand is universally coveted and owning at 30PP allows people to have something that is differentiated, unique and, by definition, luxurious. The service is legendary and is synonymous with ease, discretion and convenience. With the explosive growth in activity downtown, we are seeing more condo projects, but there is only one Four Seasons.
MHN: What are the main trends in the U.S. multifamily market?
Vecsler: The main market trends we’re seeing currently are quality finishes and lifestyle-oriented amenities providing convenience and a sense of being part of something special and unique.
MHN: How do you see the residential market in New York changing in the next few years? What should we expect?
Vecsler: Great projects which are thoughtful in their efforts to differentiate and provide a lifestyle experience will always be in demand. The type of lifestyle and five-star service that we offer at 30 Park Place Private Residences New York Downtown is appealing and will continue to be, regardless of the market.
MHN: What other residential projects is Silverstein developing? Any particular one you would like to zero in on?
Vecsler: We’re always exploring new opportunities presented to us. At the same time, we’re pushing forward on our residential development in other parts of the city besides downtown, such as the 246-unit condominium at One West End, which is around 70 percent sold and will be open in the first quarter of 2017. We’re also in the planning stages for an exciting condominium project on West 41st Street.