While well known in the real estate sphere, Elad Group became recognized world-wide for the firm’s expert restoration of The Plaza Hotel in New York City – a $400 million renovation, conversion and upgrade project that also resulted in the unveiling of 180 private condominiums. Having sold its interest in The Plaza in 2012 to India’s Sahara Group for $570 million, Elad is now busier than ever with active projects in New York, Los Angeles and South Florida.
Recently, Elite Traveler Editor-in-Chief Douglas Gollan met with Samantha Sax, Executive Vice President of Marketing and Sales for Elad Group at 22 Central Park South – a boutique luxury condo Elad is developing just next door to the Plaza – where the discussion ranged from the $36 million penthouse Elad is selling at 250 West Street to how the company is staying ahead of the ever demanding needs of elite travelers.
Elite Traveler: Can you give us an overview of Elad Group?
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Samantha Sax: Elad Group is a family-owned company headquartered in New York City with offices in Florida and Canada. We are known for handling the acquisition, development and conversion of architecturally significant residential and commercial properties in key markets throughout North America.
As a company, Elad has focused most closely on building our portfolio in two key areas. The first is acquiring landmark properties with potential for restoration and conversion as ultra-luxury residential buildings, such as the Plaza Hotel. The second is developing distinctive new ground-up residential properties in premier locations that offer premier superb design elements and exclusive amenities.
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ET: What are the current properties you are selling?
SS: We recently released the penthouse at 250 West Street (below), which is the crown jewel of the building and the last remaining residence. Priced at $36 million, the penthouse offers 5,718 square feet of interior living space that extends to an additional 4,298 square-feet of outdoor space. This includes a fully landscaped terrace that wraps the penthouse nearly 180 degrees and boasts almost 120 feet of direct river frontage. The open floor plan is perfect for entertaining. There is also a 1,438 square foot private entrance and lobby which includes a private elevator. The penthouse offers the utmost in security and privacy.
ET: What else?
SS: 22 Central Park South (below) is also currently on the market. This special landmarked building sits right next to The Plaza, just steps from Fifth Avenue. Intimate in scale, 22 Central Park South offers six full floor residences and one duplex penthouse, that features three private outdoor terraces totaling 909 square-feet.
Incredible attention to detail was paid to every aspect of 22 Central Park from the hand laid mosaic marble tiles in the bathrooms to the elegantly hand-etched patterns on the elevator doors. Each choice was carefully considered both inside and out, with a stunning new limestone facade and beautiful interiors that were designed by GNA Architects. Current availabilities range from $7,250,000 to $24,910,000 for the penthouse.
ET: Can you tell us about the 22 CPS partnership with Bergdorf Goodman?
SS: We wanted to create an exclusive suite of amenities and services for the building. During the process of identifying our buyer and what kind of services and brands would resonate with them, it became clear that our buyer is a Bergdorf buyer. They are one in the same. Bergdorf Goodman is known throughout the world for its elegance, quality and superior customer service – so the synergy is perfect.
Ultimately, 22 Central Park South provides buyers with direct access to the world’s most exclusive department store and this offering enhances the luxurious, private lifestyle of the building. This includes access to the design specialists from Bergdorf’s Decorative Home floor, who will assist residents in creating their perfect home. Residents will also have the opportunity to preview new and limited edition items from upcoming collections prior to in-store debut.
22 Central Park South’s concierge will be connected to Bergdorf via a 24-hour phone line and can arrange for residents to access the store’s fashion, beauty and style services. For instance, if you’re hosting a dinner party and need extra china, it can be selected, delivered and arranged on your table by Bergdorf. If an international buyer is coming in from abroad and needs a gown for a special gala, it will be delivered and waiting in her closet upon arrival. VIP reservations at Bergdorf’s popular eateries, BG Restaurant and Good Dish and in home beauty services or in store appointments with John Barrett Salon and Tom Ford beauty and makeup are all just a concierge phone call away.
ET: What are you working on in California?
SS: We’re currently marketing The Carlyle Residences (below), a 24-story luxury condominium building offering 78 distinctive homes along the Golden Mile of L.A.’s Wilshire Corridor. It’s a new ground up construction, nestled right in between Westwood and Beverly Hills, and offers some of the most luxurious high-rise residences in Los Angeles. A full-service building, The Carlyle has an incredible amenity package including 24-hour, white-glove concierge services and valet, a fitness center designed by Sports Club/LA, a climate-controlled immersion pool, lush landscaped gardens and temperature-controlled wine cellars with private lockers – just to name a few highlights.
ET: What kind of partnerships are you doing there?
We’ve had a tremendous amount of success at the building in working with top interior designers like Fendi Casa – who also designed the building’s common spaces and amenities – and Oliver Furth, resulting in beautiful model apartments that have all been snatched up very quickly. Our latest collaboration is with Minotti Los Angeles on The Carlyle’s last remaining penthouse. It’s located on the 23rd floor and has13-foot ceilings, sweeping floor-to-ceiling windows and a balcony or terrace off every exposure. It’s priced at $9.916 million with furniture, art and accessories by Minotti included or available for $8.85 million without.
ET: Do you have any significant projects in the pipeline?
SS: Following 250 West Street, we’re working on another landmarked building in Tribeca, where we’ve partnered with The Peebles Corporation. On the Upper West Side, we are partners with Silverstein Properties on a major, new construction, mixed-use project that will be a game changer for the neighborhood. Nothing like this has been seen in the area before. We’ve spent over a year and a half just on the interior design of this project, making it the absolute best it can be, and are working with a distinguished architect and an amazingly talented and prolific interior designer. We are very excited to release this project to the market.
ET: What trends are you seeing?
SS: In today’s market, the consumer is a lot smarter. Developers today are tasked with delivering a more unique product. No small detail can go overlooked and developer’s must really know their customer – what will drive them and what will resonate with their tastes and desires. Customers are also looking for amenities they can really use. Amenities such as a gym, children’s playroom, and a usable media room are very well received in the marketplace; where as some of the flashy, attention grabbing amenities often sound great, but sit unused. It is about understanding what people actually need and value. For instance, if there is a pool, adding locker rooms is a thoughtful and useable touch.
