Louise Sunshine has been a major player in New York real estate since the 1970s, when she found work with a developer by the name of Donald Trump. In the 1980s, she founded the Sunshine Group, a game-changing real estate marketing firm with which she parted ways two years ago. Rather than rest on her laurels, Louis Sunshine, 68, has taken on a new title. As development director of the Alexico Group, Sunshine oversees several major projects in town, including The Mark Hotel, the Herzog & de Meuron-designed 56 Leonard and The Laurel. Who's Who in America spoke with Sunshine about these projects and life in general in an interview in early January. Here, the marketing maven updates Who's Who on some new developments in her developments.
Your company, the Alexico Group, is currently developing The Laurel, The Mark Hotel and 56 Leonard here in the city. What's it like being a developer in this economy?One of the greatest challenges about being a developer in today's economy is closing a building – actually getting people signed and settled. We are very proud that at a The Laurel, our new development on the Upper East Side, we have closed 13 apartments in the month of January alone. We are expected to close several more units in the next few days. We'd like to think that's because buyers recognize that The Laurel is an outstanding value with great amenities, located in a great neighborhood. If you can put those elements together, you'll sell regardless of the market.
And what are the challenges involved with marketing in this economy?One of the greatest challenges involved with marketing in this economy is managing your budget. Absorption is slower and therefore the sales process is slower. It is important in today's economy to manage your sales dollars. It is also important to be sensitive to the current market by scaling down larger, flashier events in favor of more personal one-on-one time with targeted potential buyers, so they will be able to ask questions personally.
The Alexico group is involved in 56 Leonard, the tower designed by Herzog & de Meuron and built on a sculpture by Anish Kapoor. How's that progressing? Last we heard, there were delays. Any new news there?56 Leonard is progressing. Quality buildings flourish in any market. Jacques Herzog and Pierre de Meuron are absolutely brilliant architects and the fact that the building is being built on a sculpture by Anish Kapoor really caters to the buyers who appreciate art and design. I have always maintained that buyers appreciate quality; they value design and attention to detail. What matters to buyers in a market like this is location and the credibility of the developer. Buildings with top of the line finishes, in the right location, and built by a credible developer survive challenging markets and appreciate over time.
You left the Sunshine Group two years ago and now Corcoran Sunshine handles the marketing for many of your projects. Is it strange dealing with your old group from this new angle?Not at all. Kelly Kennedy Mack, the current president Corcoran Sunshine Marketing, has been a close friend of mine for years. I mentored her when she started at the Sunshine Group. I am very proud of our collaboration, which has greatly benefited The Mark, The Laurel, and 56 Leonard. When I started in the real estate industry in the 1970's there were very few women in the business. I am always delighted to see women thrive in this business and I am grateful that I have been able to be a mentor to protégés who are going on to make their own mark in the world. I have said many times that the greatest thing someone can do is pass on their knowledge, inspiration and talent to other people and allow them to grow.
And any new news at the The Mark Hotel?We're opening The Mark Hotel in this spring. The most recent sale at The Mark occurred this January at $4,000 a square foot. The Mark has a European sensibility centered around world-class 5 star services and amenities, lead by Mr. James Sherwin, whose background in providing 5 star service is second to none. Our amenities at The Mark are second to none, they include a restaurant by world renowned chef Jean-George Vongerichten, and a spa by Frederick Fekkai. The Mark is beyond luxury.
Louise Sunshine is Development Director The Alexico Group and CEO, Domineum
