Many of the Upper East Side’s older luxury buildings have withstood the test of time, still possessing the ability to demand top dollar despite competing with newer developments that appeal to a more diverse range of residents. On East 54th Street, Harry Macklowe’s River Tower remains, but rather than let time run its course on the interiors, the River Tower will receive a $60 million renovation and a renewed lease on life as the Oriana.
Slate Property Group in partnership with GreenOak Real Estate will give the stilted rental building a contemporary new look without taking the condo conversion route. As the Oriana, the building will have new finishes that are aligned with those found in newer developments: wide-plank oak floors, sleek kitchens with lacquered cabinets, and washer/dryer units will accompany the floor-to-ceiling windows that are already in place within the individual units.
The appearance won’t be the only thing that’ll change as River Tower re-emerges as Oriana. According to the Wall Street Journal, the number of apartments is set to increase by 82, to 393 total units. This will be accomplished by reconfiguring several apartments on the lower levels into smaller spaces to make room for a new crop of studios and one-bedrooms.
A new amenity floor will offer a fitness center, resident’s lounge, and outdoor deck with sweeping views of the city skyline. With all of these new additions, a spike in rent prices is expected: Studios will begin renting at $2,815/month and a one-bedroom will seek a whopping $4,235/month. The four-bedroom penthouses will blow far past those figures, seeking as much as $33,000/month.
The upgrade is a work in progress, but some of Oriana’s new floors could open as early as March. Bold New York is exclusively charged with leasing and marketing. Here’s a peek at what the new space will look like:
- East Side Luxury Rental Building Gets a Makeover [Wall Street Journal]