Cypress Capital Group, a multi-generational family real estate investment and advisory company, announces that its New York City multi-family development at 201 East 26th Street has fully leased its residential units. Originally built in the 1930s, and still boasting its original brick façade, the boutique property was meticulously restored and updated with state-of-the-art upgrades and finishes. Its residential units, one of which is a penthouse duplex, all rented in record time, in just under six weeks. This accomplishment comes on the heels of the firm launching its fourth private equity real estate fund, Cypress Capital Partners, 2022, LP.
“The success of 201 East 26th Street is a reflection of the high-quality product and our team’s dedication to preservation. We are also grateful to the Amirian Group as our owner’s representative, delivering experience and commitment,” said Wen Shiau, Managing Partner of Cypress Capital Group. “The project maintains the charm of the neighborhood while it has been modernized to fit a contemporary lifestyle.”
Designed by the New York City-based Workshop DA, 201 East 26th Street has been elevated to feature condo-like finishes such as Nest thermostats, in-unit washer/dryer, and oak flooring. Residents enjoy a Japanese garden on the roof, bike storage, virtual doorman, an electronically secure delivery room, and Dormakaba locks with keyless entry for building and residences. Perhaps most notably, the developer invested in triple pane windows imported from Europe and sound insulation by QuietRock, “at great expense, to keep the hustle and bustle of Third Avenue’s noise out.” Shiau notes: “Quiet is the new luxury amenity.”
As a sustainably minded investor and developer, Cypress Capital Group chose to retain the property’s original footprint while increasing its height only minimally. Despite having the air rights to build much higher, the firm prioritized developing a project that preserved the integrity and scale of the neighborhood.
“This project was Cypress Capital Group’s way of further investing in New York City and adding value to the community,” said Joseph Luik, partner at Cypress Capital Group. “Despite the negative impact that COVID-19 has had across the globe, we knew that New York City would bounce back, and in particular this up-and-coming neighborhood which historically lacked high-end boutique rental inventory would benefit from our product.”
Cypress Capital Group secured permanent financing on the project with the help of its team at Cooper-Horowitz. This financing and the improving business outlook gave the firm ample time to secure a commercial restaurant that would serve as an amenity to the building and the neighborhood. The bi-coastal company seeks to bring the clean fresh vibes of California to the space, whether it be an upscale bakery, wine bar or an all-day gathering space for the community.
Located on the corner of East 26th Street and Third Avenue, the building is set in Manhattan’s central and idyllic neighborhood of Kips Bay. Residents of 201 East 26thStreet will be able to enjoy a wide range of nearby fine dining, shops, parks and cultural institutions. Just blocks away from the 6, N, R and W subways, residents have easy access to public transportation.
