Creating value in super-luxury Manhattan residential buildings.

Webster's New World Dictionary describes luxury as "the use and enjoyment of the best and most costly things that offer the most physical comfort and satisfaction.

The Manhattan market has defined a new segment of residential property that surpasses this "luxury' category." Super-luxury has evolved. To qualify for this elite distinction, a property must be the epitome of elegance and luxury. All details are paramount to achieving this sought-after status. Super-luxury is the synergy of a prime location, outstanding architecture, superb construction and finishes, as well as the highest possible level of services and amenities.

To achieve per-square-foot prices of approximately $850 and above - placing a residence in the super luxury category - requires that all components be selected to appeal to the most discerning buyers.

Using knowledge and sophisticated expertise in all facets of real estate, The Sunshine Group creates value by working as part of the development team from the inception of the project, to design the highest quality product that results in the highest possible return on dollars invested.

Our experience is that developers with a thorough understanding of and appreciation for the high quality product needed to meet the standards of today's discriminating purchasers are those who will maximize absorption and realize these super-luxury prices.

One of the keys to creating value that maximizes profitability is the early involvement of the sales and marketing firm - before the name is selected, before the residences are designed, before the amenities are determined, before a brochure is printed.

In the advance and early stages of development, the sales and marketing firm brings critical knowledge and indispensable experience about the most appropriate selection of the all important details, and ultimately, the pricing of a super-luxury development.

A thorough analysis of market trends assists in determining what services and amenities will best meet the discriminating buyer's requirements. Features in super-luxury buildings may range from state-of-the-art health clubs for residents only, that support the overall quality of the building through its appointments and quality equipment; to well-designed children's playrooms that provide parents with alternative space for their children's play groups and the peace of mind that their children are being taken care of at home; to lobby level bicycle and carriage storage rooms; to a concierge who will not only meet, but also anticipate the special requests of the residents. These are just a few of the services and amenities that help to identify a building as a super-luxury property.

A necessity for a super-luxury market positioning is a prime location to set the tone for the entire project. The building must convey a sense of luxury from the moment it is approached. From an architecturally impressive facade to elegant public areas to state-of-the-art health club and spa, every detail of the residence must reflect the highest, most sumptuous standards.

With the Manhattan residential market the hottest it has been in decades and a limited amount of product on the market, is attention to every detail a necessity for super luxury property?

The answer is a resounding "yes" if the developer is seeking to sell the residences at the highest price while maximizing absorption. Affluent purchasers are sophisticated and discriminating. They know the highest levels of luxury when they see it, have a sense of entitlement with regard to owning the very best, and are willing and capable of paying for it - if they perceive value for the price. It is the job of the sales and marketing firm, working with the development team, to create a program to determine and achieve super-luxury value in the target market.