The New Urban Condo Wave

Older homeowners downsizing and younger couples moving from the city have fueled a recent surge in the number of Long Island condominium projects and their trend toward city-style designs and amenities, according to developers and brokers.

Arguably the most luxurious of the new condo developments on Long Island is the amenity-packed Ritz-Carlton Residences in North Hills, built by RXR Realty.

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Prices run between $1.5 million and $3.5 million for two- and three-bedrooms, ranging from 1,550 to 2,100 square feet, and each unit comes with two parking spaces in a heated, underground garage. In addition to the top-line finishes and appliances, the development features hotel-style services including valet parking, attendants, a doorman and concierge. Owners can get plants watered, dogs walked, units cleaned and laundry done on an a la carte basis. Move-ins will begin this March.

“You’re 20 miles from the Midtown Tunnel, 60 miles from the Hamptons and within minutes of some of the North Shore’s best restaurants, entertainment and shopping,” said Joe Graziose, project executive and senior vice president of residential development for RXR.

The first buyers of the 240 residences have typically lived within seven miles of the property but no longer want to manage those homes. The next round brought young families from Manhattan, Graziose said. He noted that both groups were “looking for luxury.”

RXR has additional Long Island residential projects in the pipeline in Glen Cove, Hempstead and Huntington Station. The New York real estate firm is “developing infrastructure and assets to create downtown living” in those markets, according to Graziose.

“It looks like New York City on a small scale, but it’s affordable to young professionals and retirees,” he said.

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