October 2023 - Rava Realty

Lincoln Road Welcomes Five New Tenants

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Miami Beach’s renowned outdoor shopping and dining destination, Lincoln Road, is set to welcome five new tenants by the end of October, enriching the mix of over 200 shops, galleries, and restaurants along its eight blocks.

The newcomers include:

  1. HOKA: An international footwear brand joining the likes of Nike and Adidas on Lincoln Road.
  2. Luli Fama: A South Florida-based retailer known for luxurious women’s swimwear.
  3. IT’SUGAR: An immersive candy experience store offering a vast array of candies.
  4. IT Italian Trattoria: A restaurant with an open kitchen providing diners ...
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DJ sells waterfront Sunset Islands home for $27M He can re-mix real estate pretty well!

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Miami Beach DJ and windsurfer Henrique Jordan has sold his waterfront residence on Sunset Island II for $27 million. The historic property, built in 1940 on a 0.7-acre lot at 2501 Lake Avenue, features 5,400 square feet of living space with five bedrooms and seven bathrooms. The allure includes 200 feet of waterfront, a pool, and a private dock. The buyer, a Delaware entity, remains undisclosed.

(source: therealdeal.com, picture: google maps)

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Miami is still working from home

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Almost four years after the pandemic, remote work still shapes Miami’s commercial real estate scene. A U.S. Census survey found that about 15% of Miami-Fort Lauderdale workers telecommuted in 2022, only slightly down from 16% in 2021. Despite this shift, the number of lease transactions remains strong, with Miami seeing 331 office leases in Q2.

The city has almost 2 million square feet of office space under development, indicating confidence in future growth. Although remote work is prominent, the 10% surge in local office rental rates highlights the ...

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“City of Yes”: Mayor Adams’ Plan to Transform NYC Housing

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Mayor Eric Adams has proposed an ambitious housing agenda named the “City of Yes,” aiming to address New York City’s housing crisis and alleviate high rents. Unveiled at the end of September, this proposal aligns with the “Yes in My Backyard” (YIMBY) movement, with a goal to construct 100,000 new homes over 15 years by easing zoning restrictions.

Key measures include the elimination of mandates for parking in new developments, the legalization of dorm-style shared housing, and the approval of accessory dwelling units, which include unregulated basement apartments susceptible to ...

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Manhattan Market Pulse: October 2023

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The monthly contract activity stood at 571 in September, down 13.4%, with 88 fewer contracts signed than last year and 18% with 127 fewer signatures from the 698 historical average for the month. The Median Sales Price is $1,130,000, 2.2% down from last month and 5% down from last year. The supply of units on the market stands at 7,219, down 6.7% from a year ago. While the number of pending sales and units currently in contract stands ...

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