Ten Questions with Elyse Leff, the Executive Vice President of Marketing and Sales for prestigious New York City developer Elad Group. With sales soaring at the firm’s landmark Tribeca conversion 108 Leonard and at their ground-up Upper East Side tower THE 74, Leff discusses what is driving momentum in the market right now. She shares her insight about the trends influencing high-net-worth buyer behavior and the hallmark signs of luxury that are moving the needle in 2025.

Elad Group is currently selling two very distinct projects. 108 Leonard is a landmark conversion in Tribeca while THE 74 is a ground-up new construction project on the Upper East Side. What do these developments have in common?

While 108 Leonard and THE 74 represent vastly different architectural styles, they share Elad Group’s unwavering commitment to exceptional design and craftsmanship. We developed both projects in collaboration with world-class design teams. For 108 Leonard, we worked with Jeffrey Beers International to transform the landmarked McKim Mead & White architecture into contemporary homes. For THE 74, we brought on Pelli Clarke & Partners to envision the architecture, with AD100 Rafael de Cárdenas crafting the interiors.

We strategically work with designers who understand how to create homes that feel both sophisticated and livable. We also prioritize proportion and detail at both buildings. Whether it’s the dramatic 16-foot ceilings and arched windows at 108 Leonard or the full-floor layouts with 360-degree views of Central Park and the city at THE 74, we’re delivering residences with a sense of grandeur that’s increasingly rare in Manhattan. Most importantly, both buildings are designed for modern living, and every detail is meticulously thought through.

You just signed a contract on a full-floor home at THE 74 (Residence 24) right after selling the Crown Penthouse at 108 Leonard. Who are the buyers for $10M and $20M trophy properties in 2025?

Whether it’s a $3M home or a $20M trophy penthouse, we develop residences for sophisticated buyers who seek out the finest quality for every experience and purchase.

For the Crown Penthouse at 108 Leonard, we attracted someone who values historic provenance and the romance of living in a McKim, Mead & White masterpiece. The Residence 24 buyer at THE 74 was drawn to the contemporary sophistication and unobstructed views of Central Park. What unites them is an appreciation for both rarity and quality. These are truly trophy properties.

Tribeca and the Upper East Side are two iconic luxury enclaves. Does the location sell the product?

Tribeca and the Upper East Side are blue-chip neighborhoods, but within those areas, there’s still tremendous variation in what’s available. It’s often the collective effect of architecture, interiors, and the living experience that moves buyers to make a purchase. At 108 Leonard, being in the heart of the new Tribeca Art District, adds cultural cachet. At THE 74, we’re situated in the mid-70s, which is one of the most prestigious areas on the Upper East Side. In both cases, buyers are choosing our buildings because of what we’ve designed within those coveted locations.

Elad Group has a legacy of restoring and repositioning the city’s most beloved landmarks – from The Plaza Hotel that Henry Janeway Hardenbergh envisioned in 1907 (the same architect behind the Waldorf Astoria) to 108 Leonard that McKim Mead and White envisioned for New York Life Insurance Company in the 1890s. How does the firm’s distinct expertise in historic preservation translate to new construction with projects like THE 74?

Our experience with landmark restoration has taught us to work with architects who truly understand materiality and craft. At THE 74, we partnered with Craig Copeland at Pelli Clarke & Partners, who brings both architectural and sculptural sensibilities to his work. Craig understood that the Upper East Side has its unique aesthetic DNA: the beautiful Art Deco buildings, with their limestone and brick facades. Rather than fighting against that context, he evolved it with THE 74’s pleated terracotta facade and bronze-framed windows. It’s decidedly contemporary but still respectful of the neighborhood’s character. This approach, honoring context while innovating, is something we learned from our restoration work. Whether we’re preserving a McKim, Mead & White building or creating something entirely new, we always consider how architecture contributes to the urban fabric.

Tell me about the psychology behind luxury residence interiors. What are the hallmarks of ‘good design’ in a new development?

Good design in luxury real estate starts with understanding how people live. It’s not about following trends, it’s about creating spaces that feel both sophisticated and comfortable. At THE 74, Rafael de Cárdenas was inspired to achieve the tension between romance and rigor, and I think that captures it perfectly.

You want spaces that have an emotional impact but also function beautifully on a day-to-day basis. Practically, this means things like proper scale, with generous ceiling heights, oversized windows, and thoughtful layouts that offer both privacy and flow. It’s also about materiality; we are using the finest marbles, custom millwork, and European hardware. Beyond the surface finishes, good design creates an emotional experience. When someone walks into one of our residences, they should immediately sense the quality and care that went into every detail.

108 Leonard has 40,000 square feet of amenities while THE 74’s offerings are more intimate and boutique. Which scheme is more appealing to buyers?

Both approaches work, but for different buyer profiles. 108 Leonard’s extensive amenities—the 75-foot pool, multiple entertaining spaces, the rooftop oasis, and an incredible landmarked marble room—appeal to buyers who want resort-style living in the city. It’s perfect for families or people who love to entertain at home. THE 74’s more curated approach on the 17th floor, with stunning skyline views from the fitness center and lounge, attracts buyers who value quality over quantity. These are typically more design-conscious purchasers who prefer intimate, sophisticated spaces.

What’s interesting is that both approaches are selling exceptionally well, which suggests strong demand across the luxury spectrum. The key is being intentional about your amenity strategy and executing it beautifully.

(L-R) Living and Bath (Evan Joseph Photo)

We know high-net-worth buyers are thinking about the neighborhood, architecture, interiors and amenities. But what other factors influence their decision-making? What are the intangible luxuries that move the needle?

Beyond the obvious factors, buyers are increasingly focused on how a space makes them feel. There’s an emotional component to luxury real estate that’s hard to quantify, but absolutely crucial. It’s the sense of serenity you get walking into 108 Leonard’s landmarked lobby, or the way light fills THE 74’s full-floor residences throughout the day. Construction quality is essential.

Buyers can sense when corners have been cut, even in details they might not consciously notice. The weight of a door, the seamless operation of custom millwork, the way marble is book-matched—these details create confidence in the overall product. Service and lifestyle experience are equally important.

Our buyers want to know that building management understands their expectations, that staff are discreet and professional, and that the building will maintain its exclusivity and value over time. We play an integral role in every detail across all aspects, and it shows in the quality of our buyers’ experiences. We often have clients who have previously lived in one of our buildings and are now focused on buying at an Elad Group development.

Elad Group’s projects offer an array of layouts within the building; it isn’t a cookie-cutter selection. Tell us about this strategy. And which residences are emblematic of that strategy?

The duplex at THE 74 is emblematic of this strategy with its contemporary sophistication, while the Clock Tower penthouse at 108 Leonard exemplifies its historic romance and architectural significance. The duplex represents the future of luxury living—that clean, sculptural aesthetic de Cárdenas created with all the modern conveniences.

The Clock Tower at 108 Leonard is pure magic. There’s nothing else like it in the city. It’s the perfect balance of grandeur and intimacy. The choice would come down to mood and moment. Some days you want that sleek modernity, other days you want to be surrounded by architectural history.”

You are seeing strong sales activity at both properties, at a time when there are many economic and social factors impacting the real estate market in New York City. Is Elad Group’s success about perfect timing, product positioning, or something else entirely?

I’d say it’s primarily about product positioning and execution, though timing certainly helps. The luxury market has been surprisingly resilient, particularly for well-designed, exclusive products. What we’re seeing is that discerning buyers are willing to pay for true quality and rarity; they’re just more selective about where they invest.

Our success comes from understanding what sophisticated buyers want and then delivering it without compromise. We spend years developing the right creative teams, perfecting the designs, and sourcing the finest materials. When you get those fundamentals right, the market responds. The timing aspect is more about having products ready when buyers are actively looking. Both buildings launched at moments when their respective neighborhoods were experiencing renewed energy and interest, and now, with immediate occupancy, it is very enticing to buyers.

Looking ahead, what are the emerging buyer demands that will shape luxury condominium development over the next few years?

A recent trend we’ve identified and incorporated into our developments is the demand for thoughtfully designed analogue spaces. As luxury buyers navigate an environment saturated with digital stimulation, they increasingly value spaces that serve as sanctuaries from constant connectivity. We designed the library lounge at THE 74 as a modern retreat for digital detox and meaningful shared moments. Today’s buyers want offline touchpoints: places crafted for presence, calm, and authentic connection. At 108 Leonard, we restored the building’s landmarked Marble Room creating a serene sanctuary for quiet moments.

Wellness continues to be a driving force for buyers in 2025, yet the definition of wellness has broadened beyond traditional fitness centers. Sophisticated buyers seek homes that integrate holistic wellness throughout the building—things like abundant natural light, superior air quality, spa-inspired finishes and amenities, curated wellness programming and serene outdoor spaces. In this new era, wellness is woven into every aspect of the resident experience. It’s become fundamental rather than an add-on.

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