International developer Euro Properties is ending 2014 on a high note, celebrating four acquisitions and the start of work on a luxury Manhattan condo.
“We are extremely pleased with our robust investment level in the New York area premium market this year, laying a foundation for four different developments by Euro Properties,ˮ said Que Yau Neo, CEO of Euro Properties.
“This will allow us to introduce our skills to this market as thoughtful, high quality builders of beautiful homes that inspire a refined lifestyle.
According to Neo, his company first began studying the New York market for opportunities more than five years ago after 20 years of success in other major markets around the world.
“We believe we have identified and secured the very sites to showcase our work and deliver luxurious, intelligent, inspiring homes,” he added.
Euro Properties’ 2014 investments focused on development sites. The first is 118 East 59th Street, which will yield a tower designed by SCDA and offer 29 full-floor condominiums, including two duplex units and an ultra-luxurious triplex penthouse. “We were immediately drawn to this location – off Park Avenue, blocks from Central Park, the Upper East Side’s exclusive shopping and great restaurants, and ample transportation – and believed we could create homes that would appeal to people who want to take advantage of all the best things New York has to offer, yet also experience tranquility when they walk into their own residence,” Neo said.
“This is what we will create at 118 East 59th Street, and we look forward to unveiling our plans in 2015.”
The firm also acquired three residential sites in Sands Point, Long Island; Greenwich, CT; and New Canaan, CT. These properties each afford Euro Properties the opportunity to either subdivide for new single-family home development, or to enhance the property value through restoration and expansion.
“We view each of these four investments as a way to create something special – to apply our singular process of attention to detail in building a bespoke product,” Neo said.
“While they are all distinct sites with very different profiles, each development will be managed through the Euro Properties prism of customization, creativity and the promise to deliver remarkable homes.”
Neo said that Euro Properties is continuing to pursue new investments in the US in 2015. In particular, the firm is interested in sites for single family or multifamily development in highly desirable locations inside or tied to Manhattan, or in other major gateway cities.
In addition to its U.S. portfolio, Euro Properties continues to evaluate opportunities throughout Asia and Europe.