May 11, 2006
Greenwich, CT – May 11, 2006: The highly anticipated unveilings of model homes and sales offices for the luxury condominium communities of Greenwich Place and Greenwich Oaks are set for Saturday, May 20 and Saturday, June 3 from 10:00 a.m. to 4:00 p.m., respectively. The developer, Greenwich-based Antares Investment Partners, LLC, has a reputation for creating high quality projects including the critically acclaimed Cider Mill, an exclusive gated community in Armonk, NY; the fabulous renovation of the luxury water-front Delmar Hotel in Greenwich; and museum-quality private estates built for discriminating clients throughout the New York Metropolitan area.
“These well-appointed homes are also an exceptional value by Greenwich standards, a secure investment, rich with amenities and provide a unique opportunity for homeownership in a truly exceptional community,” said Antares Managing Partner Joe Beninati. "Anyone considering investing in a home in this area should experience first hand the ‘Greenwich Difference' which includes prestigious public and private schools, beach and golf, exclusive country clubs, significant cultural offerings, prime shopping, easy access to New York City and remarkably low taxes.”
The 396 units divided between the two complexes formerly rentals known as Putnam Green and Weavers Hill will be sold at prices ranging from $600,000 to $2 million and are currently undergoing a $150 million renovation to both the exteriors and interiors. The studio, one-bedroom, two bedroom and three-bedroom units, as well as three-bedroom townhouse units range in size from 750 – 3,000 square feet. Most units feature terraces or balconies and some also offer additional appointments such as cathedral ceilings and in-unit parking.
Greenwich real estate, which has appreciated at almost twice the national average over the past decade, is among the most sought after in the nation. New condominiums in Greenwich can range upwards of $3 million, and the average list price for a single family home in Greenwich is over $4 million. The two properties were purchased by Antares in February 2006 in a $223 million deal that is reported to be the largest in Connecticut history.
“We believe these properties will deliver smart ownership opportunities for young professionals already working in Greenwich's medical and financial industries, New Yorkers looking to relocate to the suburbs, residents of surrounding communities seeking to up-grade to the Greenwich lifestyle and current residents,” said Doug Stevens, president of Greenwich Fine Properties, a local real estate brokerage that serves as the exclusive broker for all the units. “This exclusive location and product quality at these prices is a rare opportunity indeed.”
The award-winning Greenwich-based firm of R.S. Granoff Architects has designed both the exterior and interior design for the conversion. This local firm works on a wide variety of elite residential and commercial projects throughout the New York metropolitan area.
“We will be using many high quality construction products in the renovation process that include Pella windows, Moen sinks, and Lightolier fixtures. These breathtaking improvements will position Greenwich Place and Greenwich Oaks alongside Greenwich's other premiere properties,” said Richard S. Granoff, President of R.S. Granoff Architects P.C. “We are delighted to partner with a company like Antares that has such an excellent tradition of building and managing truly exceptional properties.”
The extensive renovations will completely transform the properties' current “contemporary-look' into a more organic, New England-style. The plans also include a state-of-the-art health club as well as new landscaping, exterior lighting, entryways, streetscapes and signage. The pools and pool houses, as well as the event rooms will be fully renovated. Main entries will be enhanced with a new dramatic entrance-boulevard that will be added to Greenwich Place, and a new Gatehouse for Greenwich Oaks is planned. The exterior renovation will occur on a phased-schedule designed to minimize disruption and will take place over the next 18 – 24 months. Interior renovations will occur as units are sold.
The individual units' interiors will also undergo a full renovation including new kitchens, GE appliances, bathrooms, flooring, doors, Baldwin brushed nickel hardware, Waterworks fixtures and accessories, and Walker Zanger stone.
For more information, or to make an appointment, contact Doug Stevens Greenwich Fine Properties at (203) 983-7401 or log on to www.greenwichplacect.com or www.greenwichoaksct.com. The model units and sales offices will be open daily from 9 a.m. –
5 p.m., or with evening hours by appointment. Designs for the elegant new landscaping and amenities will also be on view. Lending agents from Wells Fargo and Countrywide as well as Concorde Funding Group, a lender specializing in loans for seniors will also be on hand.
Headquartered in Greenwich, Connecticut, Antares is a leader in a full range of real estate assets, projects and services. The firm manages a multi-asset and multi-project real estate portfolio valued at approximately $4.5 billion and was founded by Joseph Beninati and James P. Cabrera in 1996. Using a vertically integrated business model, Antares develops, designs, entitles, builds, owns, sells and manages a broad range of ultra-luxury assets. Antares' capital partners are many of the world's leading financial firms, private equity funds, university and state endowments, and entrepreneurial investors.
Contact:
Annie Lazar/Julia Winkler
The Marino Organization
212 889 0808
annie@themarino.org
jjuliaw@themarino.org