Many people in the industry predicted it: the number of transactions went down quite a bit – 14.2% YoY actually to 2,560 homes sold. As you may remember, many sales were pulled into the previous quarter in order to avoid the, well known and much discussed, Mansion Tax hikes. That generated a sense of “fake” recovery and we now know for a fact it was a “fake”!
Let’s talk about some more numbers..and compare them YoY.
The …
by Riccardo Ravasini 
Located at 23-15 44th Drive (Long Island City), the residential skyscraper will soon stand 778 feet tall, making it the tallest building in New York outside of Manhattan.
Once completed, the building will be clad in 358,538 square feet of glass, equivalent to a span of over six football fields.
The building broke a “theoretical” record for having the highest projected sellout in Queens at $1.067 billion. Completion is expected next year.
(source: nyyimby & nycurbed)
by Riccardo Ravasini 
First, it was tax reform that pushed CEOs, hedge fund managers and other high-net-worth individuals to South Florida. They were lured in by the favorable climate, luxury residential properties and most of all, substantial tax savings.
Now, it is the multifamily investors who are heading to South Florida, and for a different reason: rent control, something the Sunshine State lacks.
Multifamily investors are moving quickly and making offers on properties in South Florida, brokers say. But they are also encountering …
by Riccardo Ravasini 
After two decades of planning and years of delays, the Hunters Point Library is finally opening in Long Island City.
This new branch of the Queens Public Library was first proposed for the neighborhood in 1999, but it took more than 10 years for concrete plans to materialize.
The road here was bumpy, to put it lightly—and when all was said and done, the total cost of the library was more than $40 million.
Dennis Walcott, the president of the …
by Riccardo Ravasini 
Closings are underway at Paramount Miami Worldcenter and and it appears to be a quick success for the developers.
More than 100 condo units have been closed as of Monday (9/23), Miami-Dade county records show.
Closings began in late August and were interrupted by Labor Day (Hurricane Dorian also closed many businesses during that week), but buyers are now quickly making their final deposits and taking possession of their condo units.
More than $500 million in units were sold prior to …
by Riccardo Ravasini 
Excluding mergers and portfolio deals, cross-border investment in the Big Apple has dropped off noticeably since the boom years, according to data from Real Capital Analytics.
Foreign buyers acquired just under $8 billion worth of commercial property in the five boroughs in 2017 and $9.5 billion last year, down from about $20.2 billion in 2015 and $15.8 billion in 2016.
“Ultimately, there’s really no way to get back to where investment was in 2015 and 2016 without a significant Chinese …
by Riccardo Ravasini