Vornado Realty Trust unveiled renderings for the Robert A.M. Stern-designed condominium tower at 220 Central Park South, presenting a second, smaller 14-story structure on the site. The limestone tower at the center of a now-resolved dispute between Vornado and Extell Development is slated to rise 920 feet near Seventh Avenue. The units will feature floor-to-ceiling windows, herringbone floors, fireplaces, and ceilings with sunken panels. In October, Vornado and Extell officially settled litigation over side-by-side development lots, paving the way for …
by Riccardo Ravasini Manhattan-based developer Urban Muse is planning a 13-story mixed-use residential project at 347 Bowery in Lower East Side, the latest development in the works along the busy, rapidly changing street. The landlord filed permits to demolish the former Salvation Army shelter building at the site near Great Jones Street roughly six months after acquiring it from the Paris-based Louzon Hotel Group for $7.6 million, as previously reported. The 30,000-square-foot development would include five three-bedroom units between 2,100 and 4,000 square …
by Riccardo Ravasini 
Miami’s luxury residential market enjoyed an increase of nearly 400 homes and condos sold for at least $1 million during a 12-month period ending in September 2013, a new report shows. Luxury residential sales in Miami jumped from 1,065 in the first nine months of 2012 to 1,442 in the first nine months of 2013, according to the latest “Atlantic Insights” report from Christie’s International Real Estate. Luxury homes stayed on the market for an average of 132 days during …
by Riccardo Ravasini 
Construction company and landlord Related Group is adding a third condo tower to its Brickell Heights project in Miami’s financial district. The company plans to construct 515 units on land across the street from the project’s other two towers. A 60-room SLS Hotel (its South Beach location is one of the hottest hotels to hit Miami) is also part of plans for the additional tower. Arquitectonica is designing all three Brickell Heights buildings. The third tower brings the project’s total …
by Riccardo Ravasini 
The nation’s largest public Wi-Fi network launched in Harlem recently, which will bring free outdoor Internet access to thousands of residents and visitors between 110th and 120th Streets and Frederick Douglass Boulevard and Madison Avenue. This is the first phase, and access will increase to the north through May, when the zone will stretch as far as 138th Street.
Mayor Michael Bloomberg said it’s the latest step in creating a comprehensive Wi-Fi zone across all five boroughs. Tech advocates also …
by Riccardo Ravasini 
Pricing properties becomes more art than science in New York’s high-velocity market.
In November, large developer Extell Development pulled the condominium units at its new residential tower at One Riverside Park in New York off the market temporarily to adjust pricing. According to the developer, the price tags at the 35-story glass-and-limestone building were simply too low, and 70 of the property’s 219 units had flown off the shelf in the 10 days since the offering plan had been approved …
by Riccardo Ravasini