Aston Martin’s first-ever entry into the real estate market kicks off with the Aston Martin Residences — a 66-story waterfront tower with 390 units in downtown Miami with views of Biscayne Bay and the Miami skyline. The building will be helmed by developer German Coto and designed by Revuelta Architecture and Bodas Mian Anger. Aston Martin’s design team will oversee the tower’s interior spaces, which will feature a two-story fitness center, two lobby areas and a full-service spa. Other amenities ...Continue Reading → Share
With a slowdown in luxury condo sales — which fell 25% in the third quarter year-over-year according to Douglas Elliman report, developers have shifted their attention to rentals. Rates for rental apartments continue to rise because most of the new product is luxury. In the third quarter, the average rent for a two-bedroom apartment was $2,320.
Much of the inventory slated for 2017 is rentals — developers are expected to complete 3,575 rental units compared to 2,774 condos, nearly doubling Miami’s ...Continue Reading → Share
Assuming no surprises, the 2nd Avenue Subway will open on January 1, 2017. What a way to start the new year! The first subway train will leave the new station at 96th Street on the UES at 6:04am. And when commuters descend into the new station on 96th Street as well as 86th, 72nd and 63rd, they will discover the fruits of MTA’s contemporary art projects. Now who says, subway can’t be a museum of sorts?Continue Reading → Share
Harlem is adding another celebrity to its mix: Canadian Soprano Sharon Azrieli has purchased a large four-unit building in Harlem, paying $3.7 million for 111 West 128th Street. The four-story building currently features 24 rooms, 12 bedrooms and eight bathrooms across 6,000 square feet and four units. The seller was sculptor Gregg LeFevre who has created over 120 public art works in cast metal around the U.S. Notably, his work has been collected by Meryl Streep.Continue Reading → Share
Renderings for the makeover of Pier 26 in Tribeca (located between North Moore Street and Hubert Street) has been released for the first time. The Hudson RIver Park Trust, which oversees the management of the pier, recently presented to plans to the public at a community board meeting as reported by Tribeca Citizen. The design is compelling and depicts a futuristic park that will be full of activities for residents to enjoy — including elevated walkways, lounging areas, distinct green ...Continue Reading → Share
With Miami more than a year deep into a housing market slowdown, many brokers are urging luxury homeowners to drop prices. As reported by The Real Deal, October was Miami’s worst month for luxe home sales since 2011 as only 94 houses and condos priced above $1 million sold that month, marking a drop-off of more than a third from the 145 sold in 2015.
The market is still contending with an inventory of 4,100 luxury homes listed for sale ...