Midtown-East Renaissance Continues With Rise of Oriana

Macklowe's River Tower Reborn as Upmarket Rentals By Slate & GreenOak

Feb 08, 2017, 09:48 ET from Slate Property Group

NEW YORK, Feb. 8, 2017 /PRNewswire/ -- Connoting the rebirth of New York's fabled Sutton Place in Midtown-East, Slate Property Group and GreenOak Real Estate announced today the redevelopment of River Tower. The 38-story, 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.

To download high-res imagery, and renderings of the property please visit: https://www.dropbox.com/sh/ykhmwji6jijq8n6/AACShPYLSIt9oLaWqhcZrW1Ga?dl=0

https://www.dropbox.com/sh/owj0oeoei8aayi2/AABOFycpiLN3seboFnUyxv8ha?dl=0

About Slate Property Group
Slate Property Group is a vertically integrated owner, operator and developer of residential and commercial real estate in the New York metropolitan area. From adaptive reuse and repositioning of existing assets to ground-up development, the Slate team leverages proven expertise, a diverse set of capabilities and a regimented and planned approach to seek superior risk-adjusted returns on its investments for its investors. During the last five years, Slate Property Group has purchased in excess of $2 billion in real estate assets throughout the New York Metropolitan area. For more information on Slate, please visit www.slatepg.com.

About GreenOak Real Estate
GreenOak is a global partner owned, real estate focused, principal investing, lending and advisory firm.  Since 2011, GreenOak has raised $5.7 billion of equity to invest in various funds, targeted strategies and assets.  With over 90 professionals in eight offices, the firm specializes in assets requiring significant re-positioning through active property and asset management and/or re-development.  For more on GreenOak, please see:  www.greenoakrealestate.com

About Bold New York
BOLD New York offers a dynamic new approach to real estate in New York City. BOLD is a full-service real estate consulting and brokerage firm, which was founded in 2010 by two young entrepreneurs who seized an opportunity to innovate the industry.  BOLD's CEO, Jordan Sachs and its Principal, Todd Jacobs are experts in the project-based, luxury leasing & sales market and are dedicated to implementing dynamic strategies and processes throughout conception, construction and completion. BOLD is devoted to delivering made-to-measure services in a fun and forward thinking way. Their carefully-selected agents are passionate and personable. In an industry that changes shape as rapidly as the Manhattan skyline, NYC's most discerning clientele have a firm they can trust when it comes to how they acquire and experience real estate. BOLD facilitates a user-friendly, reliable and safe process of buying, selling, or renting a home. With the support of an ingenious digital platform, BOLD provides sophisticated clients with unmatched experiences. By combining an honest human touch with best-in-class technology, BOLD is defining the future of real estate leasing, sales and new development marketing. For more information on Bold, please visit www.boldnewyork.com.

 

SOURCE Slate Property Group



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