The inventory crunch shows little sign of letting up. In the fourth quarter of 2013, inventory dropped to 4,164 co-op and condominium units, a 12.3% dip from the fourth quarter of 2012, according to Miller Samuel. That’s the lowest inventory level since the firm began tracking the data in 2000. The drop was even more pronounced for new development units, whose availability fell 19.6 percent year-over-year. The situation, however, was much better on the luxury end of the market — …
by Riccardo Ravasini 
Michael Lewis, the London-based head of commodities research at Deutsche Bank, recently listed his condominium at 15 Central Park West (the most luxurious condo in NYC) for a hefty mark-up over the price he paid for the property in 2008. Lewis wants $30 million for the pad according to the listing. That’s nearly three times the $10.1 million he paid six years ago, records show. Recent sales in the building indicate that Lewis’ ask may not be as far-fetched as …
by Riccardo Ravasini 
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