News: Brokerage

Michael Paul Enterprises' Upper East Side boutique condominium building more than 50% sold

According to Michael Paul Enterprises, LLC, a full service real estate investment and development firm, its newest boutique residential condominium project, 230 East 63rd Street, is more than 50% sold. Located on Manhattan's Upper East Side between Second and Third Avenues, four of the building's six residences, including its penthouse, have signed contracts. The two-bedroom, 1,734 s/f penthouse includes a furnished roof deck with an outdoor grill/kitchen and a seating area with a television. The other three residences, all two bedrooms, are each 1,734 s/f, full-floor units. "Developing a boutique condominium in a vibrant neighborhood like the Upper East Side offers residents a private living experience, yet in close proximity to the best restaurants, museums, shopping and parks," said Michael D'Alessio, president and CEO of Michael Paul Enterprises, LLC. "The building stands apart from the influx of large residential high-rises in the neighborhood. 230 East 63rd Street offers an intimate living experience, which is clearly what buyers are looking for since we're already more than half sold." The remaining residences for sale at 230 East 63rd Street include a three-bedroom, ground floor duplex with expansive outdoor space and a two-bedroom unit. Every residence includes a wood burning fireplace; white oak radiant floor heating throughout; a washer and dryer; double-paned windows; custom tile backsplash; CaesarStone countertops; Sub-Zero and Wolf appliances; and Bianco Carrera marble bathrooms. Amenities include a fully-equipped fitness center and generous storage space on the lower level for each unit. "230 East 63rd Street offers residents luxurious and modern fixtures in a building with unique charm," said Richard Steinberg of Warburg Realty, the exclusive sales agent for the building. "“Interest has clearly been strong out of the gate, as this type of home appeals to a wide range of buyers including those living in NYC both full-time and part-time." Built in 1905, 230 East 63rd Street was originally a three-story building. Most recently it contained apartments on the second and third floors and the former Italian restaurant Bravo Gianni on the ground floor, which closed its doors in 2011. Michael Paul Enterprises, LLC purchased the property last year and did a complete gut renovation, ultimately deciding to transform the building into six luxury residences.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.