Mansion Global

Architect Daniel Lobitz Talks About the Draw of Downtown Manhattan and the Rise of the Supertalls

Luxury is ‘the fulfillment of needs you didn’t know you had,’ says Lobitz, a partner at Robert A.M. Stern Architects

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30 Park Place, New York, New York

Composite: Archpartners
30 Park Place, New York, New York
Composite: Archpartners

Daniel Lobitz is a New York-based architect and partner at Robert A.M. Stern Architects, a 320-person firm known for designing prominent buildings around the world (crown jewel 15 Central Park West among them). Mr. Lobitz has designed and managed everything from large-scale town and urban planning projects to multi-family residential buildings, hotels and resorts, mixed-use developments, private houses and institutional buildings.

He has been project partner for 30 Park Place in New York—an 82-story tower with condominiums—and a five-star Four Seasons hotel; Abington House on the High Line, also in New York; and the Century in Los Angeles.

He is currently project partner leading the design teams for 261 Hudson St. and 70 Vestry St. in New York; Lovejoy Wharf in Boston; One Bennett Park in Chicago; Audley Square House (working title) in London; Damrak 70 in Amsterdam, and 875 California St. in San Francisco.

Mansion Global:Describe your dream property.

Daniel Lobitz: Real estate is always the story of tradeoffs. A dream property is one with no tradeoffs. I would like five minutes from work, resort-like, spacious beyond belief, yet intimate and manageable. I’d like it to be the middle of the action but totally private, and it would have views for days, but be completely hidden.

MG: Do you have a real estate property that "got away"?

DL: More than one. Anyone who’s interested in real estate is bound to have fallen in love with more than one property over the years. Some are unrequited, some don’t work out, some end with regret. I’m not going to describe any, because it’s far too painful.

More:Does ‘Million Dollar Listing’ End Up Selling Million Dollar Listings?

MG: What best describes the theme to your home, and why?

DL: It’s eclectic. It’s in a prewar building in the Village that has a very classical character. I’ve done an updated take on that and added modern touches to feel like the apartment of today.

MG: What does luxury mean to you?

DL: There’s a famous quote from J.L. Motley, along the lines of, "Give us the luxuries of life, and we will dispense with its necessaries."

I have a slightly more prosaic one: It’s the fulfillment of needs you didn’t even know you had.

MG: What area do you think is the next hub for luxury properties?

DL: Our work is really focused in the luxury markets, and I follow where work is bringing us. But Manhattan’s position as a hub will continue to be strong, and perhaps grow to be stronger. A big part of the story is the emergence of downtown for top-level properties. Part of the attraction is that street grid, blocks that are more walkable, the interesting scale, wonderful shops and restaurants.

More:For Sellers of Luxury Homes in New York, Big Discounts are the New Normal

MG: What’s the biggest surprise in the luxury real estate market now?

DL: What’s happened in Manhattan over the last few years since the rebound from 2008 and 2009. I’m surprised by the depth and breadth of the market. When we started, in 2007, it (30 Park Place) was going to be the tallest building in Manhattan. Now, there are many taller.

MG: What’s the most valuable amenity to have in a home right now?

DL: Of course, everyone’s making advances to set the bar ever higher. What I’ve seen is a quality level that’s gotten higher and higher as time goes by.

The assumption used to be that a sophisticated buyer would buy an apartment and then renovate it. But now the quality is high enough that people will be happy with it and won’t feel the need to change it.

As far as building amenities, specifically, we’ve seen an increase in the square footage of amenities and types of amenities. Gyms are, in general, becoming more spa-like.

More:Luxury Buyers Are More Likely to Bid on a Home Before Seeing It

MG: What’s your best piece of real estate advice?

DL: It’s not rocket science: Find hidden potential and create value by unlocking that potential.

It could mean buying a bargain property that has good bones and renovating wisely, or building a new project in an up-and-coming neighborhood, if you have the means.

MG: How will Brexit affect the market?

DL: As the U.K. becomes slightly less convenient, Manhattan will become more desirable.

MG: What is the best area now for investing in luxury properties?

DL: The ideal places are those that are up-and-coming and undiscovered. We’re starting to see more international buyers in places like Chicago and Boston.

MG: What area currently has the best resale value?

DL: Certainly the traditional places—Fifth Avenue, Park Avenue, Central Park West, the West Village. The resale in those neighborhoods will always be strong.

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