Developer Spotlight: Michael Paul Enterprises, LLC
Interview with President/CEO Michael D’Alessio and Yvonne D’Alessio
Michael Paul Enterprises, LLC is a full-service real estate investment and development firm specializing in the design, construction and management of both residential and commercial real estate properties. The company has been in business for more than 25 years. We have offices in Manhattan, Westchester and the Hamptons, and the company is led by myself and my wife, Yvonne C. D’Alessio.
Our services include real estate sales and leasing, financing, portfolio management, general contracting, construction management and consulting. Through strong and long-standing relationships with investors, lending institutions, architects, engineers, design professionals, contractors, material vendors and community leaders, our team delivers quality projects on time and within budget.
Can you tell us about the early stages of your career, how you got your start, and if you ever had a “big break” in the industry?
I began my career as an accountant with the former Arthur Young accounting firm in Manhattan, but was eventually lured to real estate development due to my lifelong passion for building and construction. That passion prompted me to start my own general contracting firm. I earned a certificate in real estate development from New York University, then eventually expanded my business into real estate development. It is has been my love and passion to build ever since.
List some of the biggest challenges you face today as a developer. (lack of product, financing, end loans?)
Some of the biggest challenges are the lack of inventory and, therefore, very competitive bidding for available, desirable property.
What are some requirements you look for in an agent? What are clear signs that make you take a pass on a particular firm/agent?
Michael Paul Enterprises chooses brokers based on their work ethic. We look for someone who understands the value of a strong marketing campaign and can reach high-end clientele. They understand the urgency for immediate viewing of the product.
What are the top trends/amenities your clients require today? For instance, going green, LEED certifications, etc?
Our clients require high-end luxury finishes, savvy apartments and a well-thought-out product.
What do you offer the consumer that other developers don’t? Why buy a MPE product?
We pride ourselves on providing personalized attention and service. Yvonne and I are hands-on. We visit our construction sites daily and personally provide executive support throughout the life cycle of each project, from pre-construction planning and design through completion. We deliver high quality and spare no attention to detail when placing our product on the market. Once you’ve had an opportunity to preview one of our buildings, you will quickly realize all the personal attention we’ve invested. We only create projects where vision and thoughtful design add lasting value.
What neighborhoods do you like for the end-user, as well as for the long term investor? (i.e. those looking to purchase a personal home vs. investment homes)
I am enthusiastic about the Upper East Side and Midtown East. Both are great neighborhoods with countless development possibilities.
Talk about some of your latest projects
We’re very excited about our most recent Manhattan project, 230 East 63rd Street – a high-end luxury boutique condominium building located on Manhattan’s Upper East Side. It was built with a vision of someone owning a home in the neighborhood, not just an apartment. The residences have amazing layouts that flow nicely for entertaining in addition to incredible amenities including steam showers, Jacuzzi tubs, a washer/dryer in each, a fireplace and radiant floor heating throughout. It was truly a project built with pride and we’re happy to report we’ve sold out!
Please elaborate on what MPE is doing outside of NYC. (DC, Chicago, LA, etc.)
We also work in Westchester and the Hamptons. Some notable Michael Paul Enterprises properties currently for sale outside of Manhattan include an 18,000-square-foot estate in the Water Mill section of the Hamptons, with a price tag of $11.9 million, and a new home currently under construction in Southampton Village – a 6,000-square-foot classic home priced at $5.9 million.
What’s coming to market soon that you’re excited about?
Both Yvonne and I are committed to developing more high-end luxury boutique condominiums in Manhattan, as we feel these types of projects stand apart from the influx of large residential high-rises and offer the intimate living experience many buyers are looking for.
554 East 82nd Street, which is about 80 percent completed, offers four large residences, three of which will be duplex apartments and will boast three- and four-bedroom apartments. All have outdoor space, gym access and storage space.
225 East 81st Street, which is about 60 percent completed, will have five residences with similar layouts and the same square footage as the residences at 230 East 63rd Street, except this project will have three and four bedrooms. This project will also have a gym and storage space.
It’s vacation time…where can we find Michael and Yvonne? What do you enjoy doing when you’re not working (or is that a trick question??)
Yvonne and I are always working; however, we do take time to enjoy our family and friends. In the summer we enjoy golf and tennis and our home in the Hamptons. In the winter, we love to travel and ski.
It’s 2020—what is the current state of MPE?
Our vision for the company is to continue to acquire and develop noteworthy properties with great potential. The sky is the limit!