New York's fabled Sutton Place is getting a little fancier. Slate Property Group and GreenOak Real Estate have announced plans to redevelop the the Midtown East neighborhood's 38-level River Tower.
The 311-unit rental building property, originally constructed by real estate mogul Harry Macklowe in 1982, is undergoing a complete renovation, dramatically upgrading all units, common spaces and amenities.
In a neighborhood that has recently seen the addition of buildings such as Aalto57 and The Sutton, the reincarnation of River Tower as Oriana will restore the property's original position as the crown jewel of Sutton Place.
"While many developers are dead-set on building new developments from the ground up, in many cases, we truly see the value of taking existing structures and transforming them into the high-end residences that people expect," said current developer, Martin Nussbaum of Slate. "Oriana is an exceptional edifice with a storied past and Slate plans on paying homage to this. Working in this manner allows us to provide best-in-breed amenities, while not disrupting the character of a neighborhood."
Echoing Nussbaum's sentiments regarding historic Midtown-East, real estate mogul, Harry Macklowe said, "The orientation and placement of River Tower was a result of attempting to capture the premium views of the city and the river. The building happily violates the grid resulting in magnificent views, open air and light together with a peaceful landscaped garden, plaza and hidden parking."
In addition to noting the neighborhood's illustrious history, Bold New York Founder & CEO Jordan Sachs, whose firm is handling the leasing and marketing of the building, commented, "We are incredibly honored to be the exclusive leasing agent for Oriana." Sachs continued, "Oriana will offer exceptional finishes often only found in condominium developments, and this will extend from the lobby, to the common areas and, of course, into the units themselves making this a one of kind opportunity for our clients."
Reflecting market desires, Oriana will be rental-only, featuring a wide array of configurations appropriate for empty-nesters, families and those new to the upper-market. Studios have been added on some of the lower floors to meet demand that is currently underserved. The building's amenities include the penthouse level's Horizon Rooftop, Outdoor Kitchen and First Light Fitness, The Rooster Pens a fully equipped children's play area, 24-hour white glove concierge, on-site valet parking and a pet spa. Tours of refinished units begun in mid-January and the first move-in dates are slated for the beginning of March.