The Laurel Reaches 60% Sold, Financing Available

NEW YORK--(BUSINESS WIRE)--The Laurel Condominium, located on the Upper East Side, reached a new milestone this week – the building is now 60% sold. Over the past six months, sales have surged at The Laurel, which is offering immediate occupancy as well as high quality finishes, design and lifestyle. Reaching the 60% sold benchmark means that lending options are greater for qualified purchasers. As of this summer, several lenders have already been secured for buyers at The Laurel, including Bank of America and CalCon Mutual Mortgage.

“We have closed more than 30 deals in 2010 and several have been at prices over $2,000 per square foot – that is unprecedented in this market.”

“We are extremely pleased with sales at The Laurel,” said Jeannie Woodbrey, Co-Sales Director at The Laurel along with Joanie Schumacher. “We have closed more than 30 deals in 2010 and several have been at prices over $2,000 per square foot – that is unprecedented in this market.”

The Laurel is truly buzzing with activity on all fronts; the developer recently signed-on key retail tenant, TD Bank. “We are happy to welcome TD Bank to The Laurel,” says Stuart Marton of Alexico Group. “Filling the retail space with a strong tenant and one that would serve our community has always been our goal.” The on-site parking garage is now open and operated by Quik Park.

In addition, Louise M. Sunshine, real estate visionary and expert, recently moved into a top floor residence in The Laurel. “I could not be happier,” Ms. Sunshine says. “The Laurel has been executed to the highest of standard of living inside and out. My neighbors and I are thrilled with the lifestyle and services offered.” Each morning Ms. Sunshine uses the extraordinary athletic center and when her grandchildren are visiting, she’ll often bring them to The Laurel Club to watch a movie on the big screen or play in one of the several children’s play areas. She is also enjoying the many positive attributes of the neighborhood including the weekly farmer’s market and the many specialty stores in the area.

The Laurel, a 31-story glass and Indiana limestone condominium, was developed by Alexico Group and designed by award-winning architects Costas Kondylis and Brian Callahan. The building features LEED-certified environmentally responsible construction as well as rare on-site parking. The lavish amenities, conveniences and services at The Laurel meet the demands of even the most discerning buyer. The building’s 12,000 square foot amenity space includes The Trophy Club, a state-of-the-art fitness facility with a 50-foot lap pool, steam room and sauna and the first on-site residential Triathlon Training Center, complete with a resistance pool and advanced training equipment. The Laurel Club offers residents a 30-seat private screening room, conference/dining room with catering kitchen and four children’s play areas. There is also a full-time concierge, 24-hour doorman, bicycle and stroller storage and an on-site resident manager. The Laurel is offering immediate occupancy.

About Alexico Group

Development partners Izak Senbahar and Simon Elias collectively have over 50 years of experience in the fields of development, construction, property ownership, and management of Manhattan residential real estate. Their portfolio has included some of New York’s most prestigious properties, establishing them as leaders in their field with a commitment to design excellence, as evidenced in such acclaimed developments as The Mark Hotel by Jacques Grange and 165 Charles Street by Richard Meier. The partners are also active on a broader national and international stage, with properties in Great Britain and Israel as well as Washington, D.C.

About The Sunshine Group, Ltd.

The Sunshine Group, Ltd. is a division of Corcoran Sunshine Marketing Group. With over 20 years of experience in marketing and collective sales in excess of $20 billion, Corcoran Sunshine is the recognized industry leader in the predevelopment planning, marketing, and sales of luxury residential development. Representing properties throughout the United States and in select international locations, Corcoran Sunshine’s portfolio contains a curated collection of the world’s most desirable new addresses.