In Q4 2017, average residential prices in the Bronx reached close to its pre-recession peak for the first time, hitting a record of $515,000, according to the Real Estate Board of New York (REBNY). The previous peak was $507,000 in 2006. The report also reveals that the Bronx saw the largest increase in residential sales volume among the five boroughs, climbing 17 percent to $455 million year-over-year. In comparison, Manhattan saw sales volume drop 12 percent; Brooklyn saw ...Continue Reading → Share
Rental concessions aren’t preventing prices from slipping. According to Douglas Elliman’s report, the median monthly rental price for apartments in Manhattan dropped 1.5 percent year-over-year in February to $3,330. The vacancy rate, however did drop a bit, from 2.44 percent in February 2017 to 2.29 percent in February 2018. Meanwhile, the percentage of new rental deals involving concessions remains high at 47.6 percent — up from February 2017, when the percentage was 26.4.
The only uptick ...Continue Reading → Share
While investors pulled away from the trouble retail condo sector in 2017, a recent spate of retail condo sales in early 2018 may signal a new optimism. The Real Deal reviewed Real Capital Analytics data and found that investors bought or put into contract a total of $276 million worth of retail condo properties in the first eight weeks of 2018. What’s impressive is that this figure is already more than half of 2017’s total of $523 million. ...Continue Reading → Share
The tech giant recently purchased the entire Chelsea Market building for about $2.4 billion in what would be the second priciest deal for a single building in New York City history, according to The Real Deal. With the purchase of the 3.8-acre, full-block office and retail building with a famous food hall that draws approximately 6 million visitors per year, Google is dominating the Chelsea and Meatpacking District from West 15th Street on 8th Avenue to the waterfront ...Continue Reading → Share
Florida East Coast Industries just closed on two parcels of public land in downtown Miami, locking in another component to its massive MiamiCentral mixed-use development.
The deal was approved by city commissioners in 2015, but terms were not worked out till now. Once complete, the MiamiCentral will rise on an 11-acre site in downtown Miami that will bring myriad apartments, shops and offices to the city. The station will integrate the Miami-Dade County Metrorail and ...Continue Reading → Share
The 62-story tower, rising at 1000 Biscayne Boulevard, features Hadid designed amenity spaces and furnishings. New renderings of the curvy exoskeleton-shaped condo include a look at Hadid’s double-height aquatic center with an indoor pool and a luxury “Lifestyle Center and Spa.” Prices at the 83-unit condominium range from $5.5 million to more than $20 million.Continue Reading → Share